OpenAI has moved from IPO speculation to active public-market preparation, with Reuters reporting on June 8, 2026 that the company has confidentially filed for a US initial public offering. According to Investing.com India, the confidential filing means the paperwork is submitted to regulators before the full S-1 is made public, so investors still do not have official audited IPO disclosures, risk factors or share-count details. The most common reported window for the OpenAI IPO is late 2026 or early 2027, with some reports discussing a possible listing as early as the third quarter of 2026. OpenAI's public response at the time was cautious, with the company saying an IPO was not its focus and that it could not have set a date. The base case is no longer "will OpenAI consider an IPO?" but "how soon can OpenAI make the numbers, structure and market conditions work?"
Tech giants are aggressively selling stock, raising billions, signaling a potential spending spree that has investors worried about future debt burdens. This month alone, there's been an $85 billion share sale from Alphabet and a $75 billion record-setting initial public offering by SpaceX, with more coming as OpenAI considers an IPO as soon as next year, after rival Anthropic PBC, and Meta Platforms mulling raising equity. According to The Economic Times, selling more shares might seem like a positive for bondholders who have been gorging on tech debt all year, but the rush to raise it by firms that are often already generating strong cash flow is also a sign they're gearing up for heavier spending and probably more borrowing than investors had expected. Risk premiums on US high-grade tech bonds have climbed overall this month, to 0.79 percentage point as of Thursday, compared with 0.74 percentage point at the end of May.
SoftBank Group shares plunged 12.5% following reports that OpenAI may delay its IPO until 2027, making it one of the biggest contributors to the Nikkei 225's roughly 4% decline. According to latest reports, OpenAI executives are weighing whether to proceed with a lower-valued IPO this year or postpone the listing until 2027 while continuing to pursue a valuation approaching $1 trillion. As per LiveMint, the sell-off reflected broader uncertainty over whether the AI investment boom can sustain its momentum if the sector's most anticipated public listing is pushed back. SoftBank's $64.6 billion OpenAI commitment has made its stock increasingly sensitive to the startup's listing plans, with the Japanese investment group agreeing in February to invest another $30 billion into the artificial intelligence company. Because of that exposure, investors have increasingly treated SoftBank as one of the largest public proxies for OpenAI's future value, making any delay in the AI startup's public debut particularly impactful for the conglomerate.
OpenAI generated approximately $13 billion of revenue in 2025, up sharply from 2024, according to The Financial Times, which reported based on audited financial figures. The same reporting said OpenAI spent about $34 billion in 2025, including around $19 billion on research and development and nearly $6 billion on sales and marketing. The reported loss figure is more complicated, with The FT saying OpenAI's net loss attributable to the company rose to around $39 billion in 2025, but that a large part reflected a non-cash charge tied to its prior investor structure. Stripping out that charge and other non-cash items, the report said operational losses were closer to $8 billion. The Information separately reported that OpenAI generated $5.7 billion of revenue in Q1 2026 and burned about $3.7 billion of cash during the quarter. The clearest recent benchmark came in October 2025, when current and former employees sold about $6.6 billion of shares in a secondary transaction that valued OpenAI at roughly $500 billion.
Traders were caught off guard this week by how quickly SpaceX's blockbuster bonds weakened after they began trading Wednesday, with paper losses for the $25 billion offering rising to about $360 million as of Friday afternoon relative to Treasuries. According to The Economic Times, SpaceX said this week that it had $100.8 billion of cash on its books, but S&P Global expects the business to burn through about $113 billion by the end of next year, and roughly $90 billion in 2028. Alphabet's bonds also softened relative to Treasuries after the firm announced its equity sale, a reaction some market participants attributed to worries about the Google parent's spending needs. JPMorgan Chase now expects $5.5 trillion of spending tied to AI and data centers through 2030, an increase of about $400 billion from its estimate in November, with the bank forecasting $2.1 trillion of data center financing to be raised in high-grade bond markets over the next five years, up from November's prediction of $1.5 trillion.
Chip makers are under significant pressure following reports that OpenAI may delay its IPO until 2027, with Arm Holdings (NASDAQ:ARM) and Marvell Technology (NASDAQ:MRVL) down around 4%, while Advanced Micro Devices (NASDAQ:AMD) is off 3.5% and Intel is down 3% in pre-market trading. As per Investing.com India, memory stocks are also weaker as the technology sell-off continues, with Micron (NASDAQ:MU) down over 4.5% after surging 16% on Thursday following its strong earnings report. Apple (NASDAQ:AAPL) is rebounding modestly after falling more than 6% yesterday, its worst daily performance in over a year, after raising prices across several devices amid higher memory and storage costs. Energy stocks are also under pressure as oil prices fall more than 3%, dragging the sector lower.
