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OpenAI Will Not Go Public in 2026, Sam Altman Says, Citing AI Safety

September 13, 2026 at 14:02 EDT

Funding & M&A
Policy & Regulation
Security

OpenAI will not list its shares in 2026, chief executive Sam Altman said, calling a public offering now an “ill-advised moment” while the ChatGPT maker focuses on safety and alignment rather than a Wall Street debut. In a Fortune interview published Saturday from the company’s San Francisco headquarters, Altman said OpenAI is “not rushing into an IPO” and “don’t feel pressure on that.”

September 12, 2026 · OpenAI

No IPO in 2026

Sam Altman called a public listing this year an ill-advised moment, saying OpenAI still has safety and alignment work to finish as a private company.

Valuation gap

Last private mark versus the $1T target

$852B

Last private valuation

$1T

Stated IPO target

Each block is $100 billion. The private mark sits about 15% below the trillion-dollar target Altman declined to cut.

2026

IPO year ruled out

$122B

Raised privately in March

June 8

Confidential S-1 filed

>20%

SpaceX drop from peak

Path to a listing

File confidential S-1

→

Safety and alignment work

→

List when ready

Why stay private

A private company can pause training, coordinate with governments, and make decisions that are not obviously in shareholders’ interest.

The skeptical read

A 2027 window had already been circulating for months, with earlier explanations centered on valuation, readiness, and disclosure — not safety alone.

What was not promised

“Not 2026” is not a locked 2027 date.

Altman said OpenAI will list when the business is ready and society has contended with each new level of capability — conditions a banker cannot check off a calendar.

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