Key factors behind the decision

Market volatility and the SpaceX bellwether

After SpaceX debuted in a record IPO this month, its stock slid from a high of $202 to $153, creating a cautionary precedent. OpenAI's advisers worry that "choppy" global markets and tech-stock jitters mean retail investors may not show enthusiasm for another mega-tech offering . The SpaceX performance became an unexpected test case for investor appetite, and the results gave OpenAI's leadership reason to pause .

CEO Sam Altman's $1 trillion valuation target

Altman has been pushing advisers to find a way for OpenAI to be valued at $1 trillion, up from its last private valuation of $730 billion . Advisers are urging him to slow down rather than go public at a price below that aspiration . The advisers presented company executives with two paths: wait until 2027 to target a $1 trillion valuation, or pursue an earlier listing at a lower valuation . As of the NYT report, no final decision had been made between these options .

Internal disagreements between CEO and CFO

CFO Sarah Friar has internally pushed back against a 2026 IPO timeline, warning the company is "not ready" given high spending and slowing revenue growth . This tension between Altman's aggressive ambitions and Friar's caution has been widely reported by The Information and other outlets . The NYT notes that a cascade of recent developments caused executives to "shift away from their most aggressive aspirations" . Reports also indicate that Friar has questioned whether OpenAI's massive spending commitments — as much as $600 billion over five years — are necessary or sustainable .

Financial losses and missed targets

OpenAI has missed internal user and revenue goals — it aimed for one billion weekly active ChatGPT users by the end of 2025 and fell short, with users defecting to rivals including Google's Gemini and Anthropic's Claude . The company generated roughly $5.7 billion in revenue in Q1 2026 but posted adjusted negative margins of -122%, meaning it lost $1.22 for every dollar spent . Internal projections show a staggering $14 billion loss for 2026 alone, on roughly $13 billion in revenue — roughly triple earlier losses . Those financial pressures have raised questions internally about the sustainability of its massive data-center spending .

What happens next

OpenAI has already taken the first formal step toward going public by confidentially filing draft registration paperwork with the SEC . But the company has not publicly committed to a specific timeline. In a statement on June 8, the company said: "We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company" . The next inflection point will likely be whether internal tensions between Altman and Friar can be resolved, and whether market conditions stabilize enough to support a $1 trillion offering — or whether OpenAI will accept a lower valuation to access public markets sooner .

Key factors behind the decision

Market volatility and the SpaceX bellwether

After SpaceX debuted in a record IPO this month, its stock slid from a high of $202 to $153, creating a cautionary precedent. OpenAI's advisers worry that "choppy" global markets and tech-stock jitters mean retail investors may not show enthusiasm for another mega-tech offering . The SpaceX performance became an unexpected test case for investor appetite, and the results gave OpenAI's leadership reason to pause .

CEO Sam Altman's $1 trillion valuation target

Altman has been pushing advisers to find a way for OpenAI to be valued at $1 trillion, up from its last private valuation of $730 billion . Advisers are urging him to slow down rather than go public at a price below that aspiration . The advisers presented company executives with two paths: wait until 2027 to target a $1 trillion valuation, or pursue an earlier listing at a lower valuation . As of the NYT report, no final decision had been made between these options .

Internal disagreements between CEO and CFO

CFO Sarah Friar has internally pushed back against a 2026 IPO timeline, warning the company is "not ready" given high spending and slowing revenue growth . This tension between Altman's aggressive ambitions and Friar's caution has been widely reported by The Information and other outlets . The NYT notes that a cascade of recent developments caused executives to "shift away from their most aggressive aspirations" . Reports also indicate that Friar has questioned whether OpenAI's massive spending commitments — as much as $600 billion over five years — are necessary or sustainable .

Financial losses and missed targets

OpenAI has missed internal user and revenue goals — it aimed for one billion weekly active ChatGPT users by the end of 2025 and fell short, with users defecting to rivals including Google's Gemini and Anthropic's Claude . The company generated roughly $5.7 billion in revenue in Q1 2026 but posted adjusted negative margins of -122%, meaning it lost $1.22 for every dollar spent . Internal projections show a staggering $14 billion loss for 2026 alone, on roughly $13 billion in revenue — roughly triple earlier losses . Those financial pressures have raised questions internally about the sustainability of its massive data-center spending .

What happens next

OpenAI has already taken the first formal step toward going public by confidentially filing draft registration paperwork with the SEC . But the company has not publicly committed to a specific timeline. In a statement on June 8, the company said: "We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company" . The next inflection point will likely be whether internal tensions between Altman and Friar can be resolved, and whether market conditions stabilize enough to support a $1 trillion offering — or whether OpenAI will accept a lower valuation to access public markets sooner .