Overview
- Reports on Friday say OpenAI has a confidential S-1 on file with the SEC but has not set a timeline or started pre-IPO investor meetings.
- Advisers and some executives favor delaying a public offering into 2027 to preserve a potential $1 trillion-plus valuation rather than accept a lower price in 2026.
- SpaceX’s turbulent June debut is cited by advisers as a key reason for caution because its rapid early rally and pullback shook investor appetite for giant new listings.
- SoftBank shares fell about 12% after the reports, reflecting its roughly $65 billion exposure to OpenAI and investor concern about postponed liquidity.
- Goldman Sachs and Morgan Stanley remain advisers and a 2026 listing remains possible, but prediction markets and banks now place higher odds on a 2027 announcement as OpenAI weighs timing against costs and market conditions.