OpenAI IPO Could Land Within 12 Months, Altman Tells Staff

On the other side, the enormous cost of compute and infrastructure buildout could push the listing forward. OpenAI is forecast to lose $14 billion this year even as revenue reaches an annualized $20 billion. The company counts 900 million weekly users, only about 5.5% of them paying customers. That conversion rate raises questions about how quickly the startup can close the gap between revenue and spending without a public-market capital infusion.

Another OpenAI executive also teased a new AI model the company is preparing. The broader overhaul of ChatGPT – integrating AI agents, coding tools and third-party services into one platform – adds to the strategic stakes. An IPO would give OpenAI a war chest for that buildout while exposing it to quarterly earnings scrutiny.

The filing gives OpenAI the option to go public sooner if the tradeoffs tilt that way. "We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company," OpenAI said in its announcement. "It's a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best."

The $14 billion loss combined with a $1 trillion valuation target creates a high bar. Investors will watch whether the paying-user base expands, whether the new AI model accelerates revenue, and whether the RSI scenario remains theoretical or starts to look real. The next 12 months will settle none of those questions completely. They will decide which direction the timing needle tilts.