OpenAI's IPO Timeline Takes Shape: CFO Sarah Friar Reveals 2027 Target
Originally published in Turkish. Read the original →
OpenAI CFO Sarah Friar told employees at an internal meeting that the company will become public in 2027. Friar said the process could be brought forward if strong growth continues and confirmed that a confidential filing was made with the SEC in June.
Management Sets the Date at a Meeting with Employees
OpenAI, the most valuable company in the AI ecosystem, has taken an important step in its long-awaited IPO process. At an internal meeting with employees, the company's Chief Financial Officer (CFO) Sarah Friar announced that OpenAI will become a publicly traded company as of 2027.
According to Friar, the company sees this process not just as a capital-raising opportunity but as a critical turning point in its corporate development. The timing of the IPO, however, depends on the company's financial performance: If growth exceeds expectations and revenue targets are hit ahead of schedule, the listing could be moved earlier than 2027.
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A Confidential Filing Was Made with the SEC
A notable development in OpenAI's IPO journey came in June. The company confidentially submitted its IPO prospectus to the US Securities and Exchange Commission (SEC). While this step is a standard procedure showing that the process of going public has officially begun, OpenAI has not yet announced a firm date.
The confidential filing gives the company flexibility: when market conditions are favorable, it will be able to make a public announcement and speed up the process.
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Strong Revenue Growth Lays the Groundwork
One of the most solid foundations behind OpenAI's IPO plans is the company's financial picture. According to data reported by The Wall Street Journal, OpenAI generated 6.7 billion dollars in revenue in the second quarter of 2026. This figure points to an 18 percent increase over the first quarter. On an annualized basis, revenue has climbed above 40 billion dollars.
The company raised 122 billion dollars in its funding round in March 2026. This capital allows OpenAI to manage the IPO process without rushing, waiting for the most favorable market conditions.
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The Anthropic Race: Its Rival Is Preparing for September
OpenAI is not alone in this race to go public. Anthropic has also confidentially filed with the SEC for an IPO and is holding talks with potential investors. Considering the possibility that Anthropic could list before OpenAI, CFO Friar emphasized that this is not a source of concern for the company.
According to market observers, the possibility of Anthropic listing in September 2026 is also on the agenda. The company's annualized revenue is running above 60 billion dollars, which puts it ahead of even OpenAI.
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Valuation Pressure and Investor Expectations
OpenAI's most critical task ahead is maintaining its current 852 billion dollar valuation heading into the IPO. Institutional investors already expect strong steps on transparency. Revenue growth rate, the path to profitability and competitive positioning will be the metrics closely watched in this period.
Going public will give investors access to much more detailed data on OpenAI's financial structure and long-term growth model. This transparency also means the valuation will be tested under real market conditions.
