VC
Value Add VC
โšกHomePulseโšกHelpful Apps๐Ÿ“Blog
โ† Value Add PulseIPOPotential delay to 2027

Why 2026's Marquee AI IPOs Keep Slipping to 2027

OpenAI is reportedly weighing a delay of its IPO to 2027 amid volatile public markets and SpaceX's choppy post-debut trading, a hesitation that could reshape the entire 2026-2027 tech IPO pipeline.

$2 billion
OpenAI Monthly Revenue
~$14 billion
Projected 2026 Losses
~2030
Est. Profitability
$65B (private)
Anthropic May Round
TC
Trace Cohen
Early-stage VC & angel ยท Founder, New York Venture Partners
July 4, 2026
2 min read
ShareXLinkedInEmail
THE RUNDOWN
1

Reuters, The New York Times and Forbes have all reported OpenAI is considering pushing its IPO to 2027, despite confidentially filing an S-1 in May

2

The hesitation reportedly stems partly from SpaceX's underwhelming post-IPO trading pattern -- an all-time-high spike followed by a fading rally -- as a cautionary real-time comparable

3

OpenAI disclosed $2 billion in monthly revenue, growing faster than Alphabet or Meta did at comparable stages, but also projects roughly $14 billion in 2026 losses with profitability not expected until around 2030

4

Anthropic chose a $65 billion private round in May over accelerating toward a public listing, suggesting private capital remains willing to fund frontier labs' losses without forcing IPO timing

TC
The VC Read ยท Trace's TakeTrace Cohen

OpenAI watching SpaceX's choppy first month of trading and getting cold feet is the most rational reaction possible -- $14B in projected 2026 losses is a much harder sell to public investors than to private ones already bought into the thesis. Anthropic's $65B private round instead of rushing a listing is the tell: when private capital will fund your burn at a trillion-dollar valuation without demanding liquidity, there's no rush to test whether public markets agree.

AI IPO Pipeline Tracker โ†’

OpenAI confidentially filed its S-1 registration statement in May, formally beginning the public-listing process -- and is now reportedly reconsidering the timeline entirely. Reuters reported in late June that OpenAI is weighing a delay to 2027, with The New York Times and Forbes separately reporting similar hesitation, citing volatile public tech markets and the underwhelming post-IPO trading pattern of SpaceX, which debuted just weeks earlier, as a cautionary comparable.

The financial picture explains the tension. OpenAI says it's generating roughly $2 billion in revenue per month, a growth trajectory the company describes as four times faster than Alphabet or Meta achieved at comparable stages -- genuinely exceptional top-line growth by any historical software-company standard. But the company also reportedly projects around $14 billion in losses for 2026 alone, with internal estimates not expecting profitability until roughly 2030. That combination -- extraordinary growth alongside years of continued heavy losses -- is a much harder story to tell public-market investors than private ones already bought into the long-term AI thesis.

SpaceX's post-IPO trading is the immediate cautionary tale informing OpenAI's hesitation: shares spiked to an all-time high just two trading days after its June 12 debut, then saw the initial rally fade and selling pressure intensify through the following week, before stabilizing and regaining strength heading into this week's Nasdaq-100 inclusion. If a company with SpaceX's brand recognition and Elon Musk's following can see that much immediate volatility, OpenAI's board has reason to worry about how a similarly loss-making, though faster-growing, AI company would trade.

โ€œBut the company also reportedly projects around $14 billion in losses for 2026 alone, with internal estimates not expecting profitability until roughly 2030.โ€

Anthropic's own choice is instructive by contrast: rather than accelerating toward a public listing, Anthropic raised $65 billion in a private round in May at a valuation near $1 trillion, opting to let private investors continue absorbing its losses rather than testing public-market appetite. That suggests private capital remains abundant and willing to fund frontier-lab cash burn at valuations rivaling or exceeding what public markets might currently support, reducing the urgency for either OpenAI or Anthropic to rush a listing.

Compared to the broader 2026 tech IPO calendar -- Bending Spoons' volatile but ultimately successful debut, and a healthy overall pipeline running roughly 8% ahead of 2025's IPO count -- the hesitation from OpenAI specifically looks less like a sign of a broken IPO market and more like company-specific caution about how a truly enormous, deeply loss-making AI lab would be received relative to smaller, profitable software companies.

For growth and pre-IPO investors, a 2027 OpenAI listing (if it materializes) means continued illiquidity for existing shareholders and employees for at least another year, likely increasing demand for secondary-market transactions and tender offers in the interim to provide liquidity without a full public listing.

The bear case against reading too much into this: IPO timing speculation is notoriously unreliable, and companies frequently file confidentially and then wait well over a year before actually pricing -- OpenAI delaying to 2027 wouldn't be unusual by historical S-1-to-pricing timelines, even without SpaceX's choppy debut as a factor.

What to watch: whether OpenAI makes any formal statement on IPO timing, how SpaceX's stock performs over the next several months as a live comparable, and whether Anthropic's private-capital strategy (versus OpenAI's public filing) becomes the more common path for frontier labs delaying public listings.

ShareXLinkedInEmail
More onSpaceX โ†’OpenAI โ†’

Originally reported by Value Add Pulse. Analysis and editorial commentary by Value Add Pulse.

โ† Back to Pulse

THE WIRE in your inboxโ€” Tech, startup & VC news with Trace's take. Free, no spam.

Read Next

IPOUp to $1.09B raise

Jersey Mike's Launches IPO Roadshow at Up to $7.9B

Jersey Mike's kicked off its IPO roadshow targeting up to a $7.94 billion valuation, offering 43.5 million shares at $21-25 apiece to raise as much as $1.09 billion in one of the largest consumer-brand listings of the year.

IPO-39% from post-IPO high

SpaceX Is Down 39% From Its Post-IPO High. Now What?

SpaceX went public at a $1.77 trillion valuation in the largest IPO ever, peaked above $225, and now trades close to 39% below that high near its original $135 offering price.

IPO$965B private valuation

Anthropic's October Test: Can It Avoid OpenAI's Delay?

Anthropic is targeting an October 2026 Nasdaq listing at a $965 billion valuation with Goldman Sachs and Morgan Stanley leading -- racing to go public first now that OpenAI has pushed its own IPO target from fall 2026 to 2027.

@Trace_Cohenยทt@nyvp.com