Altman: An OpenAI IPO in 2026 would be "ill-advised"

Altman: An OpenAI IPO in 2026 would be "ill-advised"

OpenAI's chief has ruled out a listing this year, citing AI safety, and has not promised one in 2027. While OpenAI waits, rival Anthropic is reportedly headed to Nasdaq in October.

Altman points to safety, not a date. That is the core of the message from OpenAI CEO Sam Altman in Fox Business's coverage of the Fortune interview on September 12, which was widely quoted in the US business press over the weekend and on Monday: OpenAI will not go public in 2026.

"We're not rushing into an IPO," Altman said, according to Fox Business. "I think given everything that's happening with safety … right now would be an ill-advised moment to go public."

He added that OpenAI feels no pressure: "We've said the same thing for a long time: we'll do it when we're ready — when the business is ready, and when we feel ready with respect to how the moment is in society with this technology," he said, according to Fox Business (translated from English). He confirmed that the listing will not happen in 2026. Mashable conveys the same message from the interview: the delay is confirmed, a new date is not.

Correcting the widespread reading: 2027 is not confirmed

Several outlets have reported that the listing is therefore moving to 2027. But Mashable points out that Altman only said the listing will not happen this year, and that it will come "when the business is ready." He did not promise 2027. That is an important nuance in recent days' coverage: the delay is confirmed, a new date is not.

Safety, governance, and two tracks

Altman tied the delay both to the current safety picture and to OpenAI's own structure. Fox Business writes that he pointed to concerns about AI following a recent cybersecurity incident involving one of the company's models.

In addition, he pointed, according to 24/7 Wall St., to a governance problem in OpenAI's dual structure as a non-profit and commercial organization: the company must "make decisions that are not obviously in the interest of our business and our shareholders, in order to fulfill the responsibility of meeting our mission" (translated from English). Public shareholders, as 24/7 Wall St. puts it, would complicate that equation.

At the same time, a concrete procedural foundation is in place: OpenAI submitted a confidential S-1 registration to the US securities regulator, the SEC, in June to begin the listing process, according to Fox Business.

Altman also suggested, according to 24/7 Wall St., that leading AI labs "may be close to announcing a pact to slow down AI development" and collectively handle the rapidly growing safety risks, with internal discussion about slowing the pace somewhat on the most advanced AI (translated from English). This is his suggestion — no pact has been announced.

The context is real: on Saturday, Anthropic CEO Dario Amodei called on AI labs to slow development until stronger safety measures are in place, and Altman publicly backed coordinating on this, according to Mashable.

Anthropic reportedly headed to Nasdaq in October — unconfirmed

While OpenAI takes 2026 off the table, its rival is moving in the opposite direction — but the picture is more nuanced than the headlines suggest.

FinanceFeeds, citing Business Insider, writes that Anthropic has reportedly chosen Nasdaq for an October listing that could value the company behind Claude at up to $2 trillion. But neither the exchange choice nor the timing has been confirmed by Anthropic. What is confirmed is that the company submitted a confidential draft S-1 to the SEC on June 1.

Axios reported on Monday, citing sources familiar with the matter, that Anthropic's listing plans are nonetheless staying afloat despite the safety debate, according to FinanceFeeds.

Does that mean two different strategies? Yes, and the difference is worth noting: one lab ties its listing to the safety moment, another is following its calendar. Whether that holds is an open question.

SoftBank: Big loan, falling share — but the link is not established

The same week brings a separate but relevant financing development. SoftBank Group has secured a two-year loan of $11.87 billion from around 20 banks to support its investment in OpenAI, according to Bloomberg via The Japan Times. The loan exceeds the company's earlier target of $10 billion. SoftBank plans to invest close to $65 billion in OpenAI by October, according to Bloomberg via The Japan Times, and has declined to comment.

On Monday, SoftBank's share fell as much as 13 percent, its steepest drop since July 17. But no source establishes a causal link between SoftBank's loan financing or share price and OpenAI's delayed listing — these are two events in the same week, not a documented cause-and-effect relationship.

What remains

OpenAI has a filed S-1, a CEO who says no to 2026 and "when the business is ready" on timing. Anthropic has a confirmed S-1 from June and rumors of Nasdaq and October. Neither lab has announced a date. Altman has moreover suggested — but not announced — something resembling an industry pact to slow development, and it remains uncertain whether OpenAI will let the market or the safety picture set the pace for its listing.