OpenAI's chief financial officer told employees the company plans to go public in 2027, but the timing could shift earlier if revenue keeps climbing. Sarah Friar gave the timeline at an all-hands meeting, more than two months after OpenAI filed a confidential S-1 with the SEC.
A funding step, not an endpoint
Friar framed the offering as a funding step rather than an endpoint, according to people familiar with the meeting. The company raised $122 billion in March, giving it flexibility to pick its moment. OpenAI's post-money valuation now sits at $852 billion.
The 2027 target is the first concrete date OpenAI has offered. In June, the company named no debut date and left the door open to staying private longer.
The numbers behind the 2027 target
OpenAI generated $6.7 billion in revenue in the second quarter, up 18% from the first quarter. Its annualized revenue run rate recently topped $40 billion. Slides shown by Friar put the run rate up 35% quarter-to-date, with enterprise revenue up 50%.
The company's coding and work products now reach 20 million weekly active users. Those figures are central to the argument for going public sooner rather than later.
Anthropic's shadow
OpenAI isn't the only AI company weighing a stock market debut. Anthropic has filed confidentially and held early meetings with investors. A $2 trillion valuation has circulated ahead of a possible autumn launch.
Anthropic reported preliminary revenue of $11.5 billion for the second quarter and an annualized run rate of $65 billion at the end of July. Friar told employees not to worry if Anthropic goes public first, possibly in September.
A shifting executive bench
The timeline comes as OpenAI reshuffles its leadership. Senior departures include revenue chief Denise Dresser, Brad Lightcap, and product business head Fidji Simo. The company hasn't said how those exits affect its IPO preparations.
OpenAI has not set a firm date beyond the 2027 target, and Friar's comments leave room for an earlier offering if growth keeps accelerating. The next few quarters of revenue will likely decide whether that target moves up.
