OpenAI CEO Sam Altman has stated that the company does not have a timeline for its initial public offering (IPO) and will prioritize safety concerns. This effectively cancels its plans for an IPO this year, with no confirmation for a timeline next year. Anthropic has also delayed its IPO schedule to November, marking a setback for both companies that had anticipated becoming publicly traded with significant market capitalizations.
According to the IT industry on October 1, Altman made these remarks during an interview with CNBC on September 29 in San Francisco, coinciding with the OpenAI developer conference. He emphasized that, "We do not have a specific timeline in mind" for the IPO, indicating that discussions about going public would only occur after securing safety validation. He added, "Now is the time to prioritize safety and our mission."
In a previous interview with Fortune published on September 12, Altman stated, "Given the circumstances surrounding safety issues, now is not the right time to go public," confirming that 2026 is not a viable option.
Instead of pursuing an IPO, OpenAI is seeking funds in the private market. Bloomberg reported that OpenAI is working to secure at least $30 billion in new investments, aiming for a valuation of approximately $1.4 trillion. The company's valuation was recognized at $852 billion during a funding round in March.
The delay in going public also poses challenges for investors who have borrowed against their stakes in OpenAI. SoftBank has secured a $10 billion margin loan using its OpenAI shares as collateral, which includes clauses requiring additional cash deposits or early repayment if the value of the shares significantly declines.
Earlier this year, OpenAI reduced its computing expenditure target from $1.4 trillion to $600 billion by 2030. On September 23, it halved the API pricing for its new model, and on September 29, it reduced the usage included in its $200 monthly subscription plan by half, thereby decreasing support for flat-rate subscriptions.
Anthropic's financial burdens have also come to light. According to IPO documents obtained by Reuters, the company reported revenues of $4.59 billion last year, a twelvefold increase from the previous year, but its operating losses surged to $8.06 billion, nearly three times the $2.98 billion loss from the prior year.
The net loss was approximately $42 billion, with about $34 billion attributed to non-cash accounting expenses related to convertible financial instruments. Future commitments for cloud computing infrastructure amount to $518 billion. As of the end of last year, cash and short-term investments totaled $20.28 billion.
Revenue concentration also poses a risk. Two major direct customers accounted for about 12% each of last year's revenue, totaling around 24%. Many large customers are not bound by long-term contracts, allowing them to reduce spending, which Anthropic identified as a risk factor. Approximately $2.16 billion, or 47% of last year's revenue, was generated through Amazon and Google's cloud marketplaces.
Anthropic's IPO documents were filed confidentially on June 1, with the target timeline shifting from September to mid-October. The anticipated valuation is $2 trillion, with a fundraising goal of up to $100 billion.
Combined, the valuations of both companies are approximately $1.817 trillion based on the most recent confirmed funding rounds. Anthropic was valued at $965 billion in May, while OpenAI was valued at $852 billion in March. If OpenAI's planned $1.4 trillion round is successful, the combined value could approach $3.2 trillion.
* This article has been translated by AI.
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