Overview
- Reports on Thursday say OpenAI is leaning to delay a 2026 public listing to 2027 even though it has filed confidential paperwork with the SEC and has not fixed a date.
- Anthropic has publicly pushed its IPO into 2027 and cited SpaceX’s sharp post‑debut share drop and current market conditions as the reason for the delay.
- Advisers warned that investor enthusiasm for giant tech offerings is soft after SpaceX’s record $85 billion raise and rapid stock pullback, making it harder to secure top valuations.
- OpenAI’s internal finances complicate timing: the company reported large revenue and much larger net losses, is planning heavy compute and hardware spending, and is testing new revenue paths like ChatGPT ads and e‑commerce deals while trimming loss-making projects.
- The shift of major AI listings into 2027 could loosen the crowded 2026 pipeline, change pricing and allocation dynamics for future deals, and give companies more time to stabilize finances before going public.