The IPO of OpenAI, one of Wall Street's most anticipated operations, is starting to cool down. The company that created ChatGPT had filed confidential documents with the U.S. Securities and Exchange Commission (SEC) in June, but is now considering delaying its stock market debut until 2027. The main reason is the market: tech companies have been under pressure for days and the debut of SpaceX, Elon Musk's ultra-company, has left a clear warning for large artificial intelligence companies.
OpenAI had already warned that the calendar remained open. "It could be delayed," the company itself stated when confirming its confidential application, arguing that some matters are easier to resolve as a private company. The phrase now aligns with the advice its advisors are reportedly giving to Sam Altman: wait, protect the valuation, and avoid an IPO in the midst of digesting the blow from SpaceX.
The SpaceX case weighs heavily because it was wrapped in euphoria. Musk's company went public at $135 per share, soared above $225 in its first days, and then lost much of the rally. It now trades near $150, quite far from the highs reached after its debut. For OpenAI, which aims for a valuation close to one trillion dollars, that round trip is a difficult signal to ignore.
The underlying doubt goes beyond a date. Investors are starting to look more calmly at artificial intelligence accounts. OpenAI has grown at an unprecedented speed, but it also burns a lot of cash on models, talent, data centers, and computing capacity. Going public would force it to reveal the inner workings of the business every quarter, just when the sector needs gigantic investments to sustain its promises.
AI arrives on Wall Street with less patience
OpenAI's possible delay comes as other major private companies in the sector, such as Anthropic, are also preparing their own market debut. The race is no longer just about who leads artificial intelligence, but about who convinces investors first that these valuations can translate into stable revenues, real margins, and less dependence on cheap money.
The decision has also affected companies linked to the OpenAI ecosystem. SoftBank, one of its major shareholders, fell sharply in Tokyo after doubts about the IPO became known. The market understands that a delay reduces expected liquidity and cools some of the enthusiasm for major AI bets.
OpenAI keeps the door open to listing earlier if conditions improve. For now, the reading on Wall Street is quite simple: after the SpaceX blow, Altman prefers to wait to sell the ChatGPT story when the market buys it again with less fear.
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