OpenAI Chief Financial Officer Sarah Friar told employees Wednesday that the company will go public next year, though she left the door open to an earlier timeline. Friar made the remarks during an all-hands meeting, telling staff the company "will be a public company in 2027," but added the debut could come sooner if "our business continues to inflect," according to CNBC, which cited two people familiar with her remarks who asked not to be identified.
Friar framed the listing not as a culmination but as one step in a longer financial history. "The IPO is not a finish line, it is a milestone, another fundraise. We raised $122 billion in March, and that gives us flexibility," she told employees.
During the meeting, Friar walked staff through a set of revenue slides. The company's revenue run rate had climbed 35% quarter to date, enterprise revenue run rate was up 50% over the same period, and OpenAI's AI coding and work product tools were drawing 20 million weekly active users. The company reported $6.7 billion in revenue for the second quarter, up 18% from the first quarter. OpenAI recently topped an annualized revenue run rate of $40 billion, roughly double its run rate at the close of 2025.
Friar also addressed the possibility that rival AI company Anthropic could beat OpenAI to the public markets. "As you know we are confidentially under file, and Anthropic is also under file. There is a chance they pull the cover off that confidential file in the coming weeks and become public in September. That's OK, we are running our own race," she said.
OpenAI filed its IPO prospectus with the Securities and Exchange Commission under confidential cover in June without disclosing a listing date. At that time, the company said it had "not decided on timing yet" and that the filing "gives us the option to go public sooner if that ends up being best." The company currently carries a valuation of $852 billion.
The IPO announcement comes during a stretch of senior-level departures. Revenue chief Denise Dresser left last week, roughly eight months into the job. Her exit followed by just two days the announcement that Brad Lightcap, a longtime executive, was wrapping up an eight-year run at the company. Fidji Simo, who oversaw OpenAI's product business, had exited in July, saying she needed to focus on her health.
OpenAI President Greg Brockman, speaking to CNBC on Monday, said the turnover rate is "not actually that atypical," attributing the attention to the company's high public profile.
On Monday, OpenAI completed a $7 billion secondary share sale, giving current and former employees a way to sell stock at the $852 billion valuation ahead of any eventual public offering. The company has not yet announced a specific listing date or exchange.
