OpenAI Shifts Listing Timeline as Rival Prepares for Wall Street Debut

Artificial intelligence heavyweight OpenAI is considering an Initial Public Offering (IPO) as soon as 2027, according to people familiar with the matter.

This updated timeline would see the company go public after its primary industry rival, Anthropic PBC.

Leadership at the ChatGPT maker expect that Anthropic will likely make its public debut first.

The shift comes despite the fact that both firms have already submitted confidential filings to the US Securities and Exchange Commission (SEC).

OpenAI previously targeted a listing this fall, while Anthropic continues to evaluate a public debut as early as October.

Market observers note that recent volatility in technology stocks heavily influenced the reassessment of the timing.

Because the information is not public, sources requested anonymity regarding the ongoing internal discussions.

Deliberations remain fluid, meaning the final details of the listing strategy could change.

The revised schedule was first reported by The New York Times, highlighting a cautious stance among leading technology firms.

A spokesperson for OpenAI did not respond to requests for comment regarding the updated roadmap.

Both companies have been in a fierce race to enter public markets, seeking capital to fund substantial investments in data centers and chips.

To manage the potential listing, OpenAI is working with financial advisers at Goldman Sachs Group Inc. and Morgan Stanley.

The firm previously acknowledged the complexities of its timeline during the announcement of its confidential regulatory submission.

Management stated that they have not decided on exact timing, noting some objectives remain easier to achieve as a private entity.

However, the confidential filing provides the flexibility to accelerate the process if public market conditions improve.

Following reports of the revised timeline, shares of Goldman Sachs and Morgan Stanley experienced single-day drops in New York trading.

Major partners also felt the impact, with shares of key backer SoftBank Group Corp. and data center partner Oracle Corp. declining.

Meanwhile, Anthropic has seen its corporate revenue climb rapidly this year, driven by software designed to write and debug code.

The Claude developer submitted its confidential paperwork shortly before OpenAI, giving it a slight structural lead in the registration process.

Earlier this year, OpenAI secured $122 billion in a private funding round intended to support its massive digital infrastructure spending.

That financing round valued the company at $852 billion, including the freshly injected capital from global investors.

The decision to delay reflects broader caution across the global technology infrastructure sector as firms balance high operational costs with market stability.