OpenAI appears to be getting closer to one of the biggest potential technology IPOs in years. The company has reportedly told employees that it expects to become a public company in 2027, although the timeline could move sooner if its business continues to grow rapidly.
During an all-hands meeting on Wednesday, OpenAI CFO Sarah Friar reportedly told employees that the company “will be a public company in 2027.” The comments offer one of the clearest indications yet that OpenAI is preparing for a future listing.
“The IPO is not a finish line, it is a milestone, another fundraise. We raised $122 billion in March, and that gives us flexibility.” — Sarah Friar, OpenAI CFO
The Numbers Behind OpenAI's IPO Plans
OpenAI has already taken an important step toward a potential public offering by confidentially filing an IPO prospectus with the U.S. Securities and Exchange Commission in June, according to reports.
The company's rapidly expanding revenue and enormous private-market valuation could make the eventual offering one of the most closely watched technology listings in the market.
| Metric | Figure |
|---|---|
| Valuation | $852 billion |
| March 2026 Funding | $122 billion |
| Q2 Revenue | $6.7 billion |
| Q2 Revenue Growth | 18% from Q1 |
| Annualized Revenue Run Rate | About $40 billion |
| Enterprise Revenue Growth | 50% QTD |
The company's $122 billion funding round announced in March gives OpenAI substantial financial flexibility. The round was backed by major technology and investment companies including Amazon, Nvidia and SoftBank.
Why 2027 Could Be a Major Year for OpenAI
Going public would mark a major transition for OpenAI. The company has grown from an AI research organization into one of the world's most closely watched artificial intelligence businesses, with products used by consumers and enterprises around the world.
An IPO would also give the company access to public-market capital while creating a mechanism for existing investors and employees to eventually realize value from their holdings.
However, a public listing would bring a new level of scrutiny. OpenAI would have to disclose substantially more financial and operational information, while investors would closely monitor revenue growth, computing costs, profitability and capital requirements.
The Anthropic Factor
OpenAI is not alone in preparing for a possible public-market debut. Rival AI company Anthropic has also reportedly taken steps toward an IPO and has been meeting with potential investors.
That creates an unusual situation in the AI industry: two of the world's most valuable private AI companies could potentially enter the public markets within a relatively short period.
Anthropic's growth has been particularly notable. Its annualized revenue run rate reportedly reached approximately $65 billion at the end of July, while quarterly revenue was around $11.5 billion.
If Anthropic moves first, it could provide investors with an early public-market benchmark for valuing major AI companies. OpenAI, however, appears comfortable following its own timetable.
“That's OK, we are running our own race.” — Sarah Friar, OpenAI CFO
OpenAI Faces Executive Turnover Ahead of IPO
The potential IPO comes as OpenAI has also experienced notable changes among its senior leadership team.
- Denise Dresser — Former Chief Revenue Officer.
- Brad Lightcap — Long-time OpenAI executive.
- Fidji Simo — Former head of the company's product business.
Leadership changes at a company preparing for a major public offering can attract additional attention from investors. OpenAI President Greg Brockman has argued that the company's personnel changes are receiving unusually high levels of public scrutiny because of the company's profile.
“OpenAI is under intense public scrutiny. Similar personnel moves at other companies would not receive the same level of attention.” — Greg Brockman, OpenAI President
What an OpenAI IPO Could Mean for the AI Market
An OpenAI listing would give public-market investors a direct way to gain exposure to one of the biggest names in generative AI.
It could also have a broader impact on how investors value AI businesses. Revenue growth, infrastructure spending, model development costs and the economics of enterprise AI could become key areas of focus once companies such as OpenAI begin reporting publicly.
At the same time, investors should remember that a large valuation does not automatically translate into a successful stock-market performance. Public investors will ultimately judge the company on earnings potential, cash flow, competitive positioning and long-term growth.
The Bottom Line
OpenAI appears to be targeting 2027 for its transition to the public markets, with the possibility of moving sooner if conditions allow.
The company enters that process with enormous private-market backing, rapidly growing revenue and a valuation that has already reached hundreds of billions of dollars. Meanwhile, Anthropic is also moving toward a potential IPO, setting up what could become a major public-market race between two leading AI companies.
For now, the exact timing, valuation and structure of an eventual OpenAI IPO remain subject to change. But if Sarah Friar's comments are any indication, 2027 could be the year OpenAI finally becomes a public company.
This article is for informational purposes only. IPO timelines, valuations and financial projections are subject to change and regulatory approval. This article does not constitute investment or financial advice.
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