OpenAI’s push toward a potential 2026 IPO faces growing headwinds after recent reporting highlighted internal disagreements and missed revenue targets. CEO Sam Altman has signaled interest in a fourth-quarter listing to unlock capital for massive compute investments, yet CFO Sarah Friar has privately flagged the timeline as too aggressive given surging infrastructure costs and the need for cleaner financial reporting ahead of public scrutiny. The company’s March 2026 restructuring into a public benefit corporation and $122 billion funding round at an $852 billion valuation cleared structural hurdles, but analysts now view mid-to-late 2027 as the more realistic window. Traders are watching for any S-1 filing or banker updates that could shift sentiment before year-end.