Archive · 21 Aug 2026
OpenAI Says It Is Running Its Own Race Toward IPO
OpenAI is a company that makes ChatGPT and other artificial-intelligence tools.
Its finance chief, Sarah Friar, told workers that the company may sell shares to the public in 2027.
She said the IPO could happen sooner if the business keeps growing.
A rival company called Anthropic may go public first.
Friar said OpenAI should focus on its own plans instead of racing Anthropic.
OpenAI has already secretly submitted paperwork for an IPO.
The company says its revenue and business tools are growing quickly.
Anthropic also told investors that its revenue has grown sharply.
Both companies are being watched closely because investors want more information about their finances.
CFO Sarah Friar told employees OpenAI could become public in 2027, though an earlier listing remains possible.
Friar said Anthropic could disclose its IPO filing soon and potentially list as early as September.
OpenAI confidentially filed an IPO prospectus with the Securities and Exchange Commission in June but has set no debut date.
OpenAI reported strong growth, including a $40 billion-plus annualized revenue run rate and 20 million weekly users for coding and work-product tools.
Anthropic told investors its annualized revenue run rate reached $65 billion by late July, compared with OpenAI’s reported $6.7 billion second-quarter revenue.
- Who
- OpenAI, its CFO Sarah Friar, rival Anthropic, and their investors.
- What
- OpenAI is preparing for a possible IPO while saying Anthropic’s listing timeline will not determine its own plans.
- When
- Friar made the comments at a recent all-hands meeting; OpenAI filed its prospectus in June, while Anthropic could list as early as September according to the report.
- Where
- The companies’ IPO filings were made with the Securities and Exchange Commission; the all-hands meeting was held internally at OpenAI.
- Why
- OpenAI is considering an IPO as another fundraising step, while investors are seeking greater visibility into the company’s financial performance and valuation.
OpenAI’s Position
Market Race Concerns
Whether Anthropic’s timing matters
OpenAI’s Position
OpenAI CFO Sarah Friar said the company should focus on its own trajectory and is comfortable if Anthropic reaches the public markets first.
Market Race Concerns
Employees and investors are watching whether Anthropic could disclose its filing in the coming weeks and complete an IPO as early as September, potentially ahead of OpenAI.
Purpose of an IPO
OpenAI’s Position
Friar described an IPO as another step in OpenAI’s fundraising journey rather than a final destination, emphasizing the company’s financial flexibility.
Market Race Concerns
Investors are seeking greater visibility into OpenAI’s financials as the company faces scrutiny over its $852 billion valuation ahead of a potential listing.
Reported business momentum
OpenAI’s Position
OpenAI presented figures showing quarter-to-date growth in total revenue, enterprise revenue, and users of its coding and work-product tools.
Market Race Concerns
Anthropic reported a $65 billion annualized revenue run rate by late July and preliminary second-quarter revenue of $11.5 billion, figures that put its growth in direct comparison with OpenAI.
- Possible OpenAI IPO timing
- 2027, with an earlier listing possible if business momentum continues
- OpenAI valuation
- $852 billion
- OpenAI March fundraising
- $122 billion
- OpenAI annualized revenue run rate
- More than $40 billion
- OpenAI second-quarter revenue
- $6.7 billion, up 18% from the first quarter
- OpenAI tool users
- 20 million weekly active users for AI coding and work-product tools
- Anthropic annualized revenue run rate
- $65 billion by the end of July