OpenAI's CFO Tells Staff: 2027 IPO Target, No Rush If Anthropic Goes Public First

Sarah Friar reportedly framed an IPO as just "another fundraise" and said OpenAI is "running our own race" as rival Anthropic eyes a possible autumn debut.

Key points

OpenAI CFO Sarah Friar reportedly told staff the company is targeting a 2027 IPO, possibly sooner if business momentum continues.
Friar framed the IPO as "another fundraise," citing $122 billion raised in March as the source of flexibility.
OpenAI's post-money valuation is $852 billion; a confidential S-1 was filed with the SEC more than two months ago.

Funding facts

Amount:: $122 billion
Valuation:: $852 billion post-money

2 sources 1 web 82% confidence

Source highlights

GizmodoPrimary‘Another Fundraise’: OpenAI’s CFO Reportedly Downplays Importance of IPO to Staff—80%

beincrypto.comWeb contextOpenAI CFO Reveals How Soon the IPO Could Actually Land—56%

Full story and ongoing updatesRead full story

Story brief

Sarah Friar reportedly framed an IPO as just "another fundraise" and said OpenAI is "running our own race" as rival Anthropic eyes a possible autumn debut.

Who should care

DevelopersContinue building on OpenAI and Anthropic APIs without expecting near-term pricing or availability changes tied to IPO timing.

IPO timelines are internal financial events; neither company has signaled API pricing or access changes linked to going public.

FoundersAssess whether your startup's roadmap has dependencies on either lab's roadmap and plan for a potentially more disciplined public-company posture from both within 12–18 months.

Once public, both companies face quarterly earnings pressure that could reshape product priorities, partnership terms, and competitive behavior.

PMsTrack revenue and valuation narratives from both labs as leading indicators of where each will invest post-IPO — enterprise features, safety tooling, or compute infrastructure.

Public-market investor expectations will increasingly shape product roadmaps once these companies are beholden to shareholders.

What changed

2026-03OpenAI raised $122 billion in a private funding round, establishing a post-money valuation of $852 billion.
2026-06OpenAI submitted a confidential S-1 registration statement to the SEC without naming a debut date.
2026-07Anthropic's annualized revenue run rate reached $65 billion at the end of the month.