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OpenAI IPO延遲內幕：Altman嘅萬億估值夢 VS 燒錢現實
《紐約時報》引述三位知情人士報道，OpenAI傾向推遲IPO至明年（部分報道指2027年）[2][3][6] SpaceX上市後股價由$202跌至$153，令OpenAI advisers擔心散戶對另一巨型科技IPO冇興趣[2][4] CEO Sam Altman力推公司估值達$1萬億，但advisers建議佢降低期望[2][3]
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openai.comCreate a landscape editorial hero image for this Studio Global article: Search & fact-check with cited sources for What is OpenAI leaning toward regarding its IPO timing, and what key factors—including market vol. Article summary: According to a June 25, 2026 New York Times report citing three people involved in the company's deliberations, **OpenAI is leaning toward postponing its initial public offering until next year (or, per some coverage of . Topic tags: general, news, general web, user generated. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, charts w
根據2026年6月25日《紐約時報》嘅報道，引述三位參與公司討論嘅消息人士，OpenAI傾向將首次公開募股（IPO）推遲到明年（部分報道甚至話推遲到2027年）。呢間ChatGPT嘅母公司之前已經請咗銀行家同律師，原本目標係2026年第三或第四季上市
。但而家有多個因素令佢哋要急剎車。
上市延遲嘅四大關鍵原因
1. 市場波動同SpaceX嘅警號
SpaceX本月初上市，創下紀錄，但股價之後由高位$202跌到$153，形成一個「前車之鑑」。OpenAI嘅advisers擔心，而家環球市場「反覆無常」，加上科技股疲弱，散戶未必會對另一個巨型科技IPO有興趣。
2. CEO Altman嘅萬億估值夢
CEO Sam Altman一直向advisers施壓，希望公司估值可以達到**$1萬億**，比起對上一次私人市場估值嘅$7,300億高出好多。Advisers反而勸佢「等吓先」，唔好急住上市，以免股價低過佢嘅目標。
3. 內部矛盾：CEO vs CFO
CFO Sarah Friar喺內部明確反對2026年IPO嘅時間表，警告公司「未準備好」，因為開支太高，收入增長又放緩。《The Information》同其他媒體都有報道呢個CEO同CFO之間嘅角力。《紐約時報》亦話，呢啲最新發展令管理層「放棄咗最進取嘅計劃」。
4. 財務損失同達唔到目標
OpenAI內部設定嘅用戶同收入目標都達唔到——佢哋本來諗住2025年底達到每週10億活躍ChatGPT用戶，但結果唔得，部分用戶仲轉咗去其他對手。2026年第一季，公司收入約57億美元，但調整後利潤率係-122%，即係每賺1蚊就蝕1.22蚊。呢啲財政壓力令公司內部開始質疑，咁龐大嘅數據中心開支究竟可唔可以持續落去
。
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人們還問
「OpenAI IPO延遲內幕：Altman嘅萬億估值夢 VS 燒錢現實」的簡短答案是什麼？
《紐約時報》引述三位知情人士報道，OpenAI傾向推遲IPO至明年（部分報道指2027年）[2][3][6]
首先要驗證的關鍵點是什麼？
《紐約時報》引述三位知情人士報道，OpenAI傾向推遲IPO至明年（部分報道指2027年）[2][3][6] SpaceX上市後股價由$202跌至$153，令OpenAI advisers擔心散戶對另一巨型科技IPO冇興趣[2][4]
接下來在實務上我該做什麼？
CEO Sam Altman力推公司估值達$1萬億，但advisers建議佢降低期望[2][3]
來源
- nytimes.comOpenAI Leans Toward Waiting Until Next Year for I.P.O.
- reuters.comOpenAI leans toward waiting until next year for IPO, NYT reports
- bloomberg.comOpenAI Leans Toward Waiting Until 2027 for IPO, NY Times Says
- nytimes.comOpenAI Tests Investor Appetite for Yet Another Giant I.P.O.
- reddit.comOpenAI Leaning Toward 2027 For IPO As It Won't Get A $1 Trillion ...
- nytimes.comIs OpenAI Falling Further Behind in the A.I. Race?
- nytimes.comOpenAI Files to Go Public as A.I. Companies Rush to Wall St.
- nytimes.com2026 may be the year of the mega IPO
- reuters.comExclusive: OpenAI lays groundwork for juggernaut IPO at up to $1 trillion valuation
- reuters.comOpenAI falls short of revenue and user targets as it races toward IPO, WSJ reports
- kkm-mako.comOpenAI IPO Power Struggle: CFO Sarah Friar Pushes Back Against Altman's 2026 Timeline
- investing.comOpenAI leans toward waiting until next year for IPO, NYT reports By Reuters
- finance.yahoo.comOpenAI may delay blockbuster IPO to 2027
- benzinga.comOpenAI Pushes Reportedly IPO To Next Year As SpaceX's Rough Post-Listing Performance Comes In Focus
- digg.comOpenAI reportedly leans toward delaying its IPO until 2027 ... - Digg
- straitstimes.comChatGPT owner OpenAI may delay IPO until 2027 on tech stock volatility, NYT reports
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