OpenAI confidentially filed its S-1 with the SEC in late May 2026, creating optionality for a potential listing as early as fall but without committing to any timeline. Reports from late June indicate leadership is now leaning toward a 2027 debut after SpaceX’s volatile post-IPO performance and softer tech market sentiment made a $1 trillion valuation target harder to achieve this year. The company’s most recent private round valued it at $852 billion, while rival Anthropic—also preparing to list—could debut ahead of it. Heavy AI infrastructure spending, ongoing losses, and internal debates between rapid capital access and private-company flexibility remain central to the decision, with Goldman Sachs and Morgan Stanley advising. No major updates have emerged since the June shift.