OpenAI is reportedly leaning toward pushing its initial public offering to 2027 after its advisers warned that current market conditions are unlikely to support the $1 trillion valuation target the company's leadership has declared non-negotiable, triggering a sharp sell-off in AI-linked stocks.

Key Highlights

• OpenAI is considering delaying its IPO to 2027 rather than list in late 2026 at a valuation below $1 trillion, according to reporting citing three people involved in the company's deliberations.

• OpenAI's most recent private valuation stood at approximately $852 billion, set in March 2026 when the company closed a $122 billion funding round backed by SoftBank, Amazon, and others.

• SoftBank shares fell as much as 14% in Tokyo trading on the news, closing down more than 12%, wiping roughly $38 billion in market capitalization in a single session.

• OpenAI filed its IPO paperwork confidentially with the SEC on June 8, 2026, with SpaceX's post-IPO volatility cited among the factors informing the delay discussion.

OpenAI's potential postponement of its public debut adds a significant new variable to the AI IPO cycle that has defined investor sentiment throughout 2026. The ChatGPT developer had been working with investment banks and legal advisers toward a potential listing in the third or fourth quarter of 2026, targeting a valuation of up to $1 trillion. When advisers presented the company's leadership with two scenarios, listing sooner at a lower valuation or waiting until 2027 for a more favorable market, the company's chief executive reportedly responded that any reduction from the trillion-dollar figure was a non-starter.

The private valuation gap between the company's last funding round at roughly $852 billion and the $1 trillion target represents approximately a 17% premium. Advisers warned that current market conditions, particularly the volatility that followed SpaceX's Nasdaq debut on June 12, make closing that gap in 2026 unlikely. SpaceX raised more than $85 billion at an opening valuation of nearly $1.77 trillion, but its shares subsequently fell more than 30% from their peak within two weeks, providing a cautionary reference for how public markets have handled AI-adjacent mega-cap IPOs.

The news rattled AI-related equities broadly. SoftBank, which is expected to hold a large stake in OpenAI through its existing investment commitments, suffered one of its sharpest single-day declines in months, falling more than 12% in Tokyo. Chip stocks and AI infrastructure names also retreated on Friday as investors questioned whether the delayed IPO signals broader uncertainty about AI company valuations. The development also raised questions about whether rival Anthropic, which filed its own confidential IPO registration in early June, might similarly reassess its listing timeline.