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OpenAI considers delaying IPO to 2027 as Anthropic prepares to list first

OpenAI is leaning toward delaying its initial public offering to 2027, with valuation the main issue. Internal discussions have weighed waiting to target a $1 trillion valuation against listing in late 2026 at a lower value. OpenAI also faces heavy compute infrastructure commitments through 2030 and large cash burn, alongside the burden of public-company reporting. Anthropic has filed a confidential S-1 and is targeting an October 2026 Nasdaq listing.