At a Wednesday all-hands meeting, OpenAI's finance chief, Sara Friar, said the company anticipates making its shares available on the public market in 2027. However, she noted that the timeline could be accelerated if the business maintains its current growth trajectory. "We will be a public company in 2027," Friar said, adding that an earlier IPO is possible if "our business continues to inflect." She characterized the upcoming offering not as a finish line but as "a milestone, another fundraise," according to two people familiar with her remarks who requested anonymity since they lacked authorization for public comment.
Friar also addressed the competitive landscape, specifically mentioning Anthropic, a rival AI firm that could go public as soon as September.
"We are running our own race," she said, indicating that Anthropic's potential debut does not concern her. Anthropic, too, has submitted a confidential filing and has been engaging with potential investors, as previously reported by CNBC.
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OpenAI's path to a public listing has been closely tracked since the company submitted its registration statement to the SEC in June. That confidential filing followed a March capital raise of $122 billion, which valued OpenAI at $852 billion. The company's latest quarterly figures reinforce the strength of its commercial business: Q2 revenue reached $6.7 billion, an 18% increase from the prior quarter, and its revenue run rate rose 35% quarter over quarter. Enterprise demand has been especially strong, with the enterprise run rate climbing 50% in the same period.
Financially, OpenAI appears to be in a robust position.
The confidential registration process gives OpenAI flexibility to adjust the timing and terms of its offering as market conditions evolve. A public listing would also create a new class of shareholders and require the company to meet quarterly reporting and governance standards, a significant shift for a firm that has grown rapidly in a relatively short period.
The announcement comes amid a broader wave of AI companies seeking public listings, and OpenAI's confidential filing has drawn significant attention from the investment community. The company's ability to maintain its momentum will be closely watched, especially given the high valuation and the competitive pressures from other AI startups. With a clear timeline and strong financials, OpenAI is positioning itself for a successful market debut, though the exact timing remains flexible depending on market conditions and business performance.
Friar's comments suggest the company views the IPO as one step in a longer journey rather than an endpoint. The accelerating revenue metrics, particularly the 50% jump in enterprise run rate, signal that businesses are increasingly adopting the company's tools for coding, productivity, and other workplace applications. As the AI sector matures, OpenAI's financial trajectory and market positioning will likely serve as a benchmark for other startups considering their own public offerings in the coming years.
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