OpenAI’s decision to defer any IPO until 2027, driven by AI safety and alignment priorities, remains the dominant factor shaping trader views on its eventual public-market capitalization. CEO Sam Altman has emphasized that the current environment makes a 2026 listing ill-advised, while the company pursues a bridge round of at least $30 billion at roughly $1.4 trillion pre-money valuation following its $122 billion March raise at an $852 billion post-money level. Annualized revenue has accelerated toward a $70 billion run rate, with enterprise sales more than doubling since July, supporting elevated private valuations. A confidential S-1 filing from June keeps the option open, but the near-term absence of an offering and the scale of private capital inflows suggest any debut could occur at a substantial multiple once market conditions and regulatory clarity improve.