--- title: "The AI unicorn IPO feast has been put on hold! OpenAI reportedly delays its listing until 2027, and SpaceX's sharp decline serves as the most glaring warning" type: "News" locale: "en" url: "https://longbridge.com/en/news/294568315.md" description: "Affected by the significant decline in SpaceX's stock price after its IPO, OpenAI is considering postponing its IPO plan to 2027. Previously, OpenAI had planned to go public this fall, but the warning of SpaceX's market value evaporating by over $1.2 trillion has dampened market confidence. Investment banking advisors warn that retail investor enthusiasm may wane, and OpenAI faces challenges in balancing high valuations with market realities" datetime: "2026-08-01T02:20:37.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294568315.md) - [en](https://longbridge.com/en/news/294568315.md) - [zh-HK](https://longbridge.com/zh-HK/news/294568315.md) --- # The AI unicorn IPO feast has been put on hold! OpenAI reportedly delays its listing until 2027, and SpaceX's sharp decline serves as the most glaring warning According to the Zhitong Finance APP, the frenzy of the "largest IPO in history" lasted less than two weeks, as SpaceX plummeted from a peak of $225 to $108, triggering a profound confidence tsunami across the entire AI capital market. According to several insiders, the developer of ChatGPT, OpenAI, has significantly retreated from its initial ambition of "going public as early as this fall," now clearly leaning towards postponing the IPO timeline to 2027. This delay is a direct collision between CEO Sam Altman's insistence on a trillion-dollar valuation floor and the harsh realities of the market. SpaceX's "cautionary tale": The frenzy at $225 and the sobering reality at $108 On June 12, SpaceX debuted on Nasdaq with an issuance price of $135, and its market value exceeded $1.77 trillion on the first day, setting a record for the largest IPO in U.S. stock market history. Retail subscriptions exceeded $100 billion, and the market once viewed it as a perfect example of the dual narrative of AI and the space economy. However, this frenzy lasted less than two weeks. On June 23, SpaceX suffered a single-day drop of about 16%. On July 15, the stock price first fell below the issuance price of $135. By the close on July 28, SpaceX's stock price was reported at $116.41, a cumulative decline of 48.4% from the historical high of $225.64, nearing a "halving"; on July 31 (Friday), it further dropped to $108, with a cumulative market value evaporation of over $1.2 trillion from its peak. This sharp decline poses a direct psychological threat to OpenAI's IPO plans. **Bankers advising OpenAI on its IPO have explicitly warned that the recent volatility in tech stocks and the significant drop in SpaceX's stock price post-IPO could severely dampen retail investors' enthusiasm for OpenAI's stock issuance. An insider revealed that in the past week, OpenAI's advisors have candidly communicated with the company that retail investors may lack enthusiasm for its stock.** Fidelity Securities wrote in a recent report that OpenAI's anchor valuation is "closer to $700 billion to $800 billion, rather than $1 trillion." The obsession with a trillion dollars: Altman's "red line" and the advisors' dilemma OpenAI's valuation dilemma is the core contradiction behind the decision delay. In March 2026, OpenAI completed a $122 billion financing, achieving a post-money valuation of $852 billion, making it the highest-valued private tech company globally. However, this achievement falls far short of Altman's psychological expectations. According to insiders, Altman has been urging his advisory team, including bankers and lawyers, to find ways to push the company's IPO valuation up to $1 trillion **The advisory team presented two options to Ultraman: one is to postpone the IPO until 2027, waiting for an improvement in the market environment while allowing the company's financial performance to get closer to the trillion-dollar valuation target; the other is to go public by the end of 2026 but accept a lower valuation. According to a person who has been in contact with Ultraman, when the advisors proposed this option, Ultraman stated that any plan that reduces the valuation to below one trillion dollars is "not feasible."** Meanwhile, OpenAI's financial situation is also testing investors' patience. The company reported a net loss of up to $38.5 billion last year, primarily due to massive expenditures on computing infrastructure, R&D investments, and corporate restructuring. According to The Information, OpenAI burned through $3.7 billion in cash in the first quarter of 2026, exceeding half of its $5.7 billion revenue during the same period. The company expects to invest $600 billion in computing and hardware by 2030. Anthropic "takes the lead," a silent provocation with a $965 billion valuation While OpenAI hesitates, its biggest competitor, Anthropic, is racing towards the public market. At the end of May this year, Anthropic completed a $65 billion Series H financing, raising its post-money valuation to $965 billion, surpassing OpenAI's $852 billion valuation. On June 1, Anthropic secretly submitted its IPO application to the SEC. On July 15, media reports indicated that Anthropic is rapidly advancing its IPO plans, with underwriters beginning to arrange meetings between management and potential investors, with the earliest possible listing expected in October this year. Anthropic has selected Morgan Stanley, Goldman Sachs, and JP Morgan as lead underwriters. According to informed sources, in recent months, some major investors in OpenAI have privately expressed concerns about the company's rapid cash burn relative to its growth, while other investors have hedged their bets on OpenAI by investing in Anthropic. Anthropic is accelerating its fall IPO plans and has begun meeting with potential investors, emphasizing its competitive advantage over the ChatGPT maker. Initially hoping to go public before Anthropic, OpenAI may now have to wait until next year. Market background: The AI sector is collectively cooling down, and the IPO window is narrowing OpenAI's delay is not an isolated case. **Analysis indicates that the IPOs of large model companies originally scheduled for the second half of 2026 may be postponed to the first half of 2027 due to a decline in market risk appetite and uncertainty in the liquidity environment.** **The adjustment of the IPO timeline means that the company's highly anticipated listing plan will be significantly delayed compared to previous market expectations of this fall.** On June 8, OpenAI secretly submitted its S-1 filing to the SEC. In a statement at the time, the company said, "We have not yet decided on a timeline for going public, and it may take some time, as some things may be easier to advance as a private company. Submitting the IPO filing allows us to have a faster option to enter the public market when it aligns better with the company's interests." The most straightforward interpretation of the 2027 timeline is that OpenAI has the ability to wait. By delaying, the company can continue to expand usage, refine pricing, and seek a more stable business mix among consumer products, enterprise tools, and infrastructure partners before entering the public market and facing quarterly discipline. According to the latest reports, OpenAI's annualized recurring revenue in July has already surpassed the total for the entire second quarter ### Related Stocks - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [SPCH.US](https://longbridge.com/en/quote/SPCH.US.md) - [SPCF.US](https://longbridge.com/en/quote/SPCF.US.md) - [SPAL.US](https://longbridge.com/en/quote/SPAL.US.md) - [SNK.US](https://longbridge.com/en/quote/SNK.US.md) - [SSPC.US](https://longbridge.com/en/quote/SSPC.US.md) - [SPCU.US](https://longbridge.com/en/quote/SPCU.US.md) - [LOFF.US](https://longbridge.com/en/quote/LOFF.US.md) - [OpenAI.NA](https://longbridge.com/en/quote/OpenAI.NA.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [W4VR.SG](https://longbridge.com/en/quote/W4VR.SG.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) ## Related News & Research - [SpaceX Stock Has Plunged 45% Since Its IPO Peak — But Don't Panic, Says Goldman Sachs](https://longbridge.com/en/news/294106558.md) - ['Prof G' Scott Galloway Says Morgan Stanley's $300 SPCX Target Is the Stuff of 'Romantic Comedies'](https://longbridge.com/en/news/293961855.md) - [SpaceX stock-purchasing by Congress members fuels conflict concerns](https://longbridge.com/en/news/294051253.md) - [Elon Musk Reveals the Secret Test SpaceX Performed During Starship Flight 13](https://longbridge.com/en/news/294103015.md) - [SpaceX faces House Energy Committee demand to tour its AI data centers in Memphis](https://longbridge.com/en/news/294277242.md)