OpenAI’s leadership has explicitly targeted a 2027 IPO, driving the 97.3% market-implied probability of no listing by December 31, 2026. CEO Sam Altman cited AI safety priorities in September 2026 as rendering a 2026 debut ill-advised, while President Greg Brockman and CFO Sarah Friar reaffirmed in early November that the company expects to be IPO-ready next year following its confidential S-1 filing in June. Recent private fundraising—$11 billion closed at a $1.25 trillion pre-money valuation, with the round scaled to $20 billion—bolsters the balance sheet ahead of a potential debut, supported by annualized revenue near $50 billion at end-September and projected above $70 billion by year-end, with enterprise sales now comprising the majority. The nonprofit-controlled public benefit corporation structure adds governance complexity. A material acceleration would require a sharp reversal in stated plans amid favorable equity-market conditions or competitive pressure from Anthropic’s expected listing, though the narrow remaining window makes such shifts improbable.