OpenAI delays IPO to 2027 as SoftBank shares fall 13%
Bloomberg reported OpenAI's bankers presented two options: list now at a lower valuation, or wait until 2027 and target $1 trillion; SoftBank fell to its biggest single-day loss since August 2024
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Trump administration asked OpenAI to delay rollout of its newest AI model over national-security concerns, adding a second factor to the IPO delay; Kalshi markets put 73% odds on an announcement by June 2027. ↗
Summary
Openai is weighing a delay of its planned initial public offering from late 2026 to 2027, Bloomberg reported on June 26. Bankers presented management with two paths: list now at a reduced valuation, or wait until 2027 targeting up to $1 trillion. CFO Sarah Friar reportedly favoured the delay, pointing to continued heavy computing-infrastructure spending and uncertain revenue trajectory at scale. Softbank Group shares fell 13% on the news, the stock's largest single-day drop since August 2024, as SoftBank holds a commitment to OpenAI expected to reach $65 billion by October.
Why it matters
The delay reflects the structural tension between OpenAI's $300 billion private valuation and the revenue multiples public market investors will accept. Softbank's 13% fall in a single session shows how fully a 2026 listing was priced into its NAV. A 2027 timeline extends regulatory uncertainty around OpenAI's nonprofit-to-PBC conversion and gives Anthropic and Google more runway to narrow OpenAI's commercial lead before the IPO window opens.
What to watch
- Whether OpenAI publicly confirms a 2027 timeline or attempts a faster listing at a lower valuation.
- SoftBank's next quarterly NAV statement and whether Vision Fund 2 marks down its OpenAI position.
- Anthropic's IPO timeline: if Anthropic lists before OpenAI, it resets the benchmark valuation for the sector.