Sam Altman Demands $1 Trillion Valuation, Pushing OpenAI IPO to 2027

OpenAI is reportedly reconsidering its timeline for an initial public offering, with CEO Sam Altman setting a high bar for the company's public debut. While original targets pointed toward late 2026, the push for a $1 trillion valuation could see the world's leading AI lab staying private until at least 2027.

The Trillion-Dollar Ultimatum

The primary driver behind the potential delay is Sam Altman's refusal to accept anything less than a $1 trillion valuation. OpenAI's most recent private valuation sat at $730 billion, and advisors have presented Altman with a stark choice: move forward sooner with a lower valuation or wait until 2027 to aim for the trillion-dollar milestone. Altman has reportedly labeled any figure below the trillion-dollar mark as a "nonstarter."

This ambition comes at a time when the company is aggressively shifting its focus toward enterprise utility to justify such a premium. To support this, OpenAI has pivoted from side projects like the video generator Sora to strengthening its B2B offerings. A key player in this strategy is the Codex coding tool, which has seen a massive surge, growing to over four million weekly users—a fivefold increase in just three months.

Market Volatility and the SpaceX Precedent

Financial advisors are urging caution due to recent turbulence in the tech sector. The rocky performance of SpaceX following its record-breaking $85 billion IPO has served as a cautionary tale. Despite hitting a $1.77 trillion valuation on its first day, SpaceX's stock has since slid from $200 to $153, spooking investors.

Furthermore, the broader AI market is facing scrutiny as investors demand tangible returns on massive capital expenditures. While OpenAI brought in approximately $13 billion in revenue in 2025 and aims to triple that this year, the company remains unprofitable due to the staggering costs of building out compute infrastructure and data centers. Additionally, ChatGPT user growth has plateaued at around 900 million users, missing the billion-user psychological milestone the company had anticipated.

The SoftBank Ripple Effect

The prospect of a delayed IPO has immediate consequences for OpenAI's major backers, most notably SoftBank. As SoftBank scales its investment in OpenAI toward $65 billion by October, the company's stock has already reacted to the news, suffering a 13 percent drop—its steepest decline since August 2024.

For investors like SoftBank, a successful OpenAI IPO would provide a transparent market price for a massive portion of their holdings, potentially eliminating the "conglomerate discount" that often affects large investment firms. A delay directly dampens these market expectations, creating a high-stakes waiting game for both the company and its institutional supporters.

Key Takeaways

  • Valuation Standoff: Sam Altman is holding out for a $1 trillion valuation, potentially delaying the IPO from late 2026 to 2027.
  • Shift to Enterprise: OpenAI is prioritizing B2B growth, evidenced by the rapid scaling of the Codex coding tool to 4 million weekly users.
  • Market Caution: Volatile tech stocks and the high cost of AI infrastructure are making advisors hesitant to pursue a public listing in the current climate.