OpenAI Delays IPO to 2027 Amid SpaceX Slump, Holds $1 Trillion Target as Fidelity Sees $700-800 Billion
OpenAI has decided to postpone its initial public offering to 2027, citing adverse market conditions following SpaceX's stock slump, while maintaining a $1 trillion valuation target. Fidelity, however, estimates an anchor valuation of $700-800 billion. OpenAI's 2025 net loss was $38.5 billion, and its first-quarter 2026 cash burn of $3.7 billion exceeded half of its $5.7 billion revenue. SpaceX shares fell 48.4% from their peak, pressuring the plan. Meanwhile, rival Anthropic is advancing its own IPO with a $965 billion valuation.
In June 2026, OpenAI confidentially filed its S-1 registration statement with the U. S. Securities and Exchange Commission, formally initiating its initial public offering process. OpenAI has leaned toward postponing its IPO timeline to 2027. In recent months, some major investors have privately expressed concerns about the company's rapid cash burn, believing revenue growth cannot keep pace with spending; other investors have chosen to diversify risk by also investing in Anthropic.
SpaceX's post-listing stock performance has put direct pressure on OpenAI's IPO plans. On June 12, SpaceX listed on the Nasdaq at an offering price of $135 per share, with its market capitalization surpassing $1.77 trillion on the first day, setting a record for the largest IPO in U. stock market history, with retail subscriptions exceeding $100 billion. On June 23, the stock fell about 16% in a single day, and on July 15 it broke below its offering price for the first time. As of the close on July 28, it stood at $116.41, down 48.4% from its historical high of $225.64; on July 31 it further fell to $108, with its market value evaporating more than $1.2 trillion from the peak.
OpenAI's financial data has intensified investor disagreements over its valuation. The company posted a net loss of $38.5 billion in 2025, mainly due to spending on computing infrastructure and research and development. In the first quarter of 2026, its cash burn reached $3.7 billion, exceeding half of its $5.7 billion revenue for the same period. In March 2026, OpenAI completed a financing round at a post-money valuation of $852 billion, still below its $1 trillion target. CEO Sam Altman insists on a $1 trillion valuation floor, deeming any plan below that level unacceptable. The advisory team has proposed two paths: postponing the IPO to 2027 to wait for market conditions to improve, or accepting a lower valuation for a listing before the end of 2026.
While OpenAI delays its listing plans, rival Anthropic is accelerating its IPO process. At the end of May, Anthropic completed a $65 billion Series H funding round at a post-money valuation of $965 billion, surpassing OpenAI's $852 billion valuation. On June 1, Anthropic confidentially submitted a draft Form S-1 to the SEC and selected Morgan Stanley, Goldman Sachs, and JPMorgan as lead underwriters. In its roadshow, Anthropic emphasized its leading edge over the maker of ChatGPT.
OpenAI confidentially filed its S-1 with the SEC on June 8. The latest data shows that OpenAI's annualized recurring revenue in July exceeded the total for the entire second quarter.