“IPO Not on the Cards for OpenAI” Says CFO Sarah Friar

OpenAI’s chief financial officer Sarah Friar has clarified that the company is not currently working toward an initial public offering (IPO). Speaking at the WSJ Tech Live conference, Friar stated “IPO is not on the cards right now” and added that the firm is focused on scaling operations rather than getting distracted by listing plans.

Her remarks come amid earlier reports suggesting OpenAI might pursue a listing as early as late 2026 or 2027 at a valuation of up to US$1 trillion.

The company recently underwent a major corporate restructuring — converting its for-profit arm into a public-benefit corporation under a deal with Microsoft valued around US$500 billion.

Friar also highlighted that OpenAI is in active discussions with banks, private equity and public financing options to support its expansive investment in AI infrastructure and data-centres, saying loan-guarantee models could “drop the cost of the financing” for high-capex hardware.