OpenAI Chief Financial Officer Sarah Friar told employees on Wednesday that the artificial intelligence company is targeting a public listing in 2027, while leaving open the possibility of an earlier debut if growth accelerates.

According to people familiar with her remarks, Friar described an IPO as a financing milestone rather than an endpoint. “The IPO is not a finish line, it is a milestone, another fundraise,” she said, pointing to OpenAI’s recent $122 billion capital raise as giving the company more flexibility on timing.

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OpenAI Keeps Its Options Open

OpenAI confidentially filed its prospectus with the Securities and Exchange Commission in June but has not committed publicly to a listing date. The company is preparing for a market increasingly focused on the scale, economics and durability of leading AI businesses.

Anthropic, OpenAI’s chief rival, has also confidentially filed and begun preliminary discussions with investors. Friar reportedly told employees not to be distracted if Anthropic moves first, saying OpenAI remains focused on its own plans.

Growth Is The Core IPO Test

For investors, the key question is whether OpenAI can sustain the growth needed to support its reported $852 billion valuation. Friar presented figures showing that OpenAI’s revenue run rate was up 35% quarter to date, while enterprise revenue run rate increased 50%.

The company’s AI coding and workplace product reached 20 million weekly active users, according to the presentation. OpenAI generated $6.7 billion in second-quarter revenue, up 18% from the first quarter, the Wall Street Journal reported. Its annualized revenue run rate recently exceeded $40 billion, CNBC has reported.

Anthropic reported an annualized revenue run rate of $65 billion at the end of July, with preliminary second-quarter revenue of $11.5 billion. The figures show how quickly revenue expectations are rising among leading AI companies.

Leadership Stability Under Scrutiny

IPO preparations come as OpenAI faces questions about leadership stability following several executive departures. Revenue chief Denise Dresser left last week after eight months, following Brad Lightcap’s decision to leave after eight years and Fidji Simo’s move to step down from her product business role.

The departures place greater responsibility on Friar, CEO Sam Altman and President Greg Brockman to maintain continuity as the company prepares for public-market scrutiny. OpenAI is also facing competition from lower-cost open-weight models and investors becoming more selective about AI valuations.

Investors Will Focus On Profitability

Brockman recently sought to downplay concerns about executive turnover, saying OpenAI’s visibility makes personnel changes appear more significant than they are.

Public-market investors will ultimately focus on margins, capital requirements and the path from rapid revenue growth to sustainable profitability. Friar’s comments suggest OpenAI is preparing for those questions as it considers a potential 2027 listing.