There’s a disagreement at OpenAI about going public — and the fault line runs between CEO and CFO.
The problem
CFO Sarah Friar is recommending internally that the IPO be pushed from Q4 2026 to 2027. Her reasons: OpenAI has missed multiple internal revenue targets, the goal of one billion weekly active ChatGPT users hasn’t been met, and there’s roughly $600 billion in infrastructure commitments for data centers on the books.
Friar’s concern: if revenue growth doesn’t accelerate, those capital commitments could strain the balance sheet at precisely the moment the company needs to present a clean picture to prospective public investors.
Altman disagrees
Sam Altman wants the listing this year. OpenAI is now generating $2 billion in revenue per month — that’s not nothing. And after the $122 billion funding round in March at an $852 billion valuation, an IPO would be the logical next step.
The context
All of this is happening while Anthropic catches up on valuation (targeting $900 billion), and the Musk v. Altman trial plays out in Oakland. An IPO under these circumstances would be bold — or reckless, depending on your perspective.
My take
Friar is doing what a good CFO should: naming risks, even when the CEO disagrees. $600 billion in commitments while simultaneously missing growth targets — that’s a red flag any IPO investor would spot immediately. Whether Altman wins this argument or Friar turns out to be right, we’ll know by year’s end.
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