OpenAI may have decided it's not in a hurry to join the stock market after all. The New York Times, citing sources involved in internal talks, reports that the maker of ChatGPT is now inclined to wait until at least next year to go public. The sources say execs have multiple concerns, including the performance of SpaceX shares after its June 12 IPO, the largest in history. SpaceX fell to $153 on Thursday after hitting a high of $202 last week. Market volatility and the wider tech selloff have also raised doubts about investor appetite.
OpenAI filed preliminary IPO paperwork earlier this month but said it hadn't made any decisons on timing. The Times' sources say the company had been looking at making its stock market debut in the third or fourth quarter of this year, with CEO Sam Altman pushing for a valuation as high as $1 trillion. The sources say that after advisers suggested delaying an offering until as late as 2027 to chase that trillion-dollar mark or accepting a smaller number for a faster listing, Altman said lowering the target was not an option.
Meanwhile, OpenAI is burning cash on data centers, marketing, and star engineers, and experimenting with new revenue streams, including ads in ChatGPT and e-commerce integrations with Shopify and Stripe. According to figures leaked to the Financial Times last week, the company lost billions last year as revenue surged to $13 billion but spending hit $34 billion. The tech selloff continued in Asian markets on Friday. Bloomberg reports that in Japan, OpenAI investor SoftBank fell more than 12%, the biggest drop since August 2024.
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