ChatGPT developer OpenAI plans to hold an IPO and become a public company in 2027. Chief Financial Officer Sarah Friar informed employees of this at an all-hands meeting. According to her, the offering could happen sooner if the business continues to grow rapidly.

IPO as a milestone, not a finish line

Friar emphasized that going public should not be seen as an ultimate goal. She stated that an IPO is not a finish line but an important milestone and another round of capital raising.

In March, the company raised $122 billion, which, according to the CFO, has given OpenAI considerable financial flexibility.

CNBC notes that OpenAI confidentially filed IPO documents with the U.S. Securities and Exchange Commission two months ago.

Competition with Anthropic

Friar specifically addressed the company's competitor, Anthropic, which has also filed for an IPO. There is a possibility that Anthropic could go public earlier, potentially as soon as September. The CFO urged employees not to worry about this, adding that the company was running its own race.

Financial performance

At the meeting, Friar showed slides with current metrics, revealing that the revenue run rate had grown 35% since the start of the quarter, enterprise revenue was up 50%, and products for coding and productivity had reached 20 million weekly active users.

OpenAI previously reported revenue of $6.7 billion in the second quarter to investors, up 18% from the first quarter. The annualized revenue run rate recently surpassed $40 billion. By comparison, Anthropic had reported an annualized revenue run rate of $65 billion by the end of July.

Pressure ahead of the IPO

The company is approaching the public market with a high valuation of approximately $852 billion and a wave of leadership changes. In recent months, OpenAI has seen several top executives depart, including the revenue chief and other key leaders. Investors are closely watching team stability, competition, and the rise of open‑source models.

OpenAI President Greg Brockman has previously stated that the current turnover does not appear unusual to him and that the company is simply under exceptional scrutiny.

In brief

OpenAI plans to become a public company in 2027, but could go public sooner if growth momentum continues. The CFO described the IPO as another stage of capital raising, not a final goal. The company has already confidentially filed with the regulator, is showing strong revenue growth, and is facing both competition and leadership changes.