OpenAI may delay its IPO to 2027 to hold out for $1tn

At a glance:\n- OpenAI may delay its IPO until 2027 to chase a $1 trillion valuation.\n- The move could push the listing behind rival Anthropic and affect SoftBank, which holds about $65bn in OpenAI.\n- The delay coincides with a turbulent week for AI stocks, including a 13% drop in SoftBank shares.\n\n## What’s driving the delay\nOpenAI has filed its prospectus confidentially with regulators this month, but has not set a listing date or held pre‑IPO investor meetings. Bloomberg reports that the company’s CEO, Sam Altman, has rejected an earlier debut at a lower price in favor of a valuation that could reach $1 trillion.\nThe decision to wait is partly a pricing strategy. Altman’s public statements suggest that he believes a higher valuation will be more attainable once the market stabilises and AI spending becomes more predictable.\n\n## Market reaction and implications\nThe announcement hit SoftBank hard; its shares fell as much as 13%, the sharpest one‑day drop in months, and the firm now expects to hold roughly $65 bn in OpenAI by October. Morgan Stanley and Goldman Sachs also slipped, as a delayed mega‑listing pushes back the fees they would earn.\nThe timing is awkward because it came during a brutal week for the AI trade. Chip stocks tumbled and Oracle posted its worst week since 2001, raising questions about whether investors are ready to pay a $1 trillion price tag for an AI company that burns cash at a colossal rate.\n\n## Why it matters\nAn IPO date is more than a calendar entry; it determines who gets paid and when. A 2027 listing would reward OpenAI’s pricing discipline and protect Altman’s valuation ambitions, but it would also postpone the payday for SoftBank and the banks, and could allow Anthropic to ring the bell first.\nThe move turns the OpenAI IPO into a waiting game with clear logic but uncertain cost. Altman is betting that the prize will grow faster than patience will run out, while the market reminds everyone that the bet is not free.