OpenAI is leaning toward a 2027 IPO as its CFO warns the company isn't ready for public markets

OpenAI filed confidentially with the SEC on June 8 but is now leaning toward a 2027 IPO, with CFO Sarah Friar warning the company isn't ready for public markets. The company burned $3.7 billion in Q1 2026, missed internal revenue targets, and carries hundreds of billions in infrastructure commitments , a story that's hard to tell cleanly to retail investors.