OpenAI is targeting a public stock market listing as early as the fourth quarter of 2026, with CEO Sam Altman aggressively pursuing the IPO despite concerns raised internally by the company’s own Chief Financial Officer, according to sources familiar with the matter.
The Push for Listing
Sam Altman has been a vocal advocate for taking OpenAI public, arguing that a listing would provide the company with access to capital markets needed to fund its next phase of AI research and infrastructure investment. OpenAI’s annualised revenue has surpassed $25 billion, making it one of the highest-revenue private technology companies in history.
CFO’s Caution
However, CFO Sarah Friar — who joined OpenAI from Nextdoor in 2024 — has expressed reservations about the company’s organisational readiness for the demands of being a public company. Public companies face rigorous quarterly reporting requirements, enhanced regulatory scrutiny, and the pressure of short-term investor expectations — challenges that Friar believes OpenAI is not yet fully equipped to handle.
Banks Already Engaged
Despite the internal debate, Goldman Sachs and Morgan Stanley are already in preliminary discussions about leading the IPO, with sources suggesting the listing could value OpenAI at over $300 billion — making it one of the largest tech IPOs in history if it proceeds.
The Governance Question
OpenAI’s unusual corporate structure — combining a non-profit mission with a “capped profit” commercial entity — adds further complexity to any potential public listing. The company has been restructuring its governance model ahead of any IPO, a process that has faced both legal and political challenges.
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