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OpenAI delays IPO to 2027 as SoftBank shares fall 13%

Bloomberg reported OpenAI's bankers presented two options: list now at a lower valuation, or wait until 2027 and target $1 trillion; SoftBank fell to its biggest single-day loss since August 2024

AI·Money· active The Quiet Shift·Whose Money ·9 takes ·

Summary

Openai is weighing a delay of its planned initial public offering from late 2026 to 2027, Bloomberg reported on June 26. Bankers presented management with two paths: list now at a reduced valuation, or wait until 2027 targeting up to $1 trillion. CFO Sarah Friar reportedly favoured the delay, pointing to continued heavy computing-infrastructure spending and uncertain revenue trajectory at scale. Softbank Group shares fell 13% on the news, the stock's largest single-day drop since August 2024, as SoftBank holds a commitment to OpenAI expected to reach $65 billion by October.

Why it matters

The delay reflects the structural tension between OpenAI's $300 billion private valuation and the revenue multiples public market investors will accept. Softbank's 13% fall in a single session shows how fully a 2026 listing was priced into its NAV. A 2027 timeline extends regulatory uncertainty around OpenAI's nonprofit-to-PBC conversion and gives Anthropic and Google more runway to narrow OpenAI's commercial lead before the IPO window opens.

What to watch

  • Whether OpenAI publicly confirms a 2027 timeline or attempts a faster listing at a lower valuation.
  • SoftBank's next quarterly NAV statement and whether Vision Fund 2 marks down its OpenAI position.
  • Anthropic's IPO timeline: if Anthropic lists before OpenAI, it resets the benchmark valuation for the sector.