As reported by Fool.com, Altman won’t accept an IPO under US$1 trillion, the same valuation that former OpenAI co-founder and SpaceX head Elon Musk secured when his company went public.
Reports suggest that Altman, whose rivalry with Musk has been public and intertwined with legal battles, saw the success of SpaceX’s IPO and wants the same for OpenAI.
Upon going public, SpaceX’s market cap rose over US$2 trillion, and like OpenAI, the company generates massive revenues while operating at major losses.
In 2025, OpenAI generated around US$13 billion in revenue, and is generating an average of $2 billion a month in sales in 2026, which could see its annual revenue reach US$24 billion. Its a growth trend of almost 100 per cent.
However, as mentioned, OpenAI is running at major losses, marking a US$38.5 billion loss in 2025, while the first quarter of 2026 saw another US$8.5 billion loss.
SpaceX’s AI division is operating the exact same way, high revenue and even higher loses, adding to Altman’s thoughts that a public OpenAI may attract the same IPO success.
"Am I excited to be a public company CEO? 0%. Am I excited for OpenAI to be a public company? In some ways, I am, and in some ways I think it'd be really annoying," said last December.
OpenAi filed for an IPO in June, but has not yet looked at a public sale, with Altman saying that the company had “not decided on timing yet.”
However, SpaceX’s major rising share price of $225 dropped roughly 32 per cent within 2 weeks, down to $153, something that OpenAI is reportedly cautious of avoiding.
According to reports, OpenAI is now looking to delay their IPO until 2027.
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