The AI unicorn IPO feast has been put on hold! OpenAI reportedly postpones its listing until 2027, SpaceX's plunge becomes the most glaring warning.

According to Zhitong Finance APP, the euphoria of the "largest IPO in history" lasted less than two weeks, as SpaceX plummeted from its peak of $225 to $108, triggering a profound wave of lost confidence across the entire AI capital market. According to multiple sources, ChatGPT developer OpenAI has dramatically scaled back its initial ambition of "going public as early as this fall," and now is clearly inclined to delay its IPO timeline until 2027. Behind this postponement is a direct clash between CEO Sam Altman's insistence on a $1 trillion valuation floor and the brutal realities of the market.

SpaceX as the Cautionary Tale: From $225 Mania to $108 Wake-Up Call

On June 12, SpaceX debuted on Nasdaq at an issue price of $135, with its market cap surpassing 1.77 trillion dollars on the first day, setting a new record as the largest IPO in the history of US stocks. Retail subscriptions topped $100 billion, and the market once considered SpaceX the perfect example of both AI and space economy narratives.

However, this frenzy lasted less than two weeks. On June 23, SpaceX plunged about 16% in a single day. By July 15, its share price had fallen below the $135 IPO price for the first time. By the close of July 28, SpaceX was trading at $116.41, marking a cumulative decline of 48.4% from its all-time high of $225.64, nearly a "halving." On July 31 (Friday), it closed further down to $108, with its market value evaporating by more than $1.2 trillion from its high.

This plunge had a direct psychological deterrent effect on OpenAI's IPO plans. Bankers advising OpenAI on its IPO explicitly warned that the recent sharp volatility in tech stocks and SpaceX’s substantial post-listing decline could severely dampen retail investor enthusiasm for participating in OpenAI's stock offering. One source disclosed that, in the past week, OpenAI’s advisors told the company directly that retail investors might lack enthusiasm for its shares.

In a recent report, Fidelity Securities wrote that OpenAI's anchor valuation is "closer to 700-800 billion dollars, rather than 1 trillion."

One Trillion Dollar Obsession: Altman's "Red Line" and Advisors' Dilemma

OpenAI's valuation woes are at the heart of its delay decision. In March 2026, OpenAI completed a $122 billion funding round, pushing its post-money valuation to $852 billion, making it the world’s most valuable unlisted technology company. However, this result still falls far short of Altman’s expectations. Sources say Altman has been urging his advisory team—including bankers and lawyers—to find ways to push the IPO valuation to $1 trillion.

The advisory team presented Altman with two options: first, to delay the IPO until 2027, waiting for market conditions to improve and for the company's finances to come closer to the targeted 1 trillion valuation; or second, go public before the end of 2026 but accept a lower valuation. According to a person familiar with Altman, when the advisors laid out these choices, Altman stated that any solution that cut the valuation below 1 trillion was “unacceptable.”

Meanwhile, OpenAI's financial situation is also testing investor patience. Last year, the company recorded a net loss as high as $38.5 billion, mainly due to massive expenses in infrastructure, R&D, and corporate restructuring. According to The Information, in the first quarter of 2026, OpenAI burned through $3.7 billion in cash—more than half of its $5.7 billion in revenue for the same period. The company expects to invest $60 billion in computing and hardware by 2030.

Anthropic "Jumps the Gun" with Silent Provocation at $965 Billion Valuation

While OpenAI hesitates, its biggest rival Anthropic is charging full speed ahead toward the public market. At the end of May this year, Anthropic completed a $65 billion Series H round, with a post-money valuation soaring to $96.5 billion—surpassing OpenAI's $85.2 billion. On June 1, Anthropic secretly filed its IPO application with the SEC. By July 15, media reported that Anthropic was pressing ahead at full speed with its IPO process; underwriters had begun arranging meetings between management and potential investors, raising hopes of an October listing. Anthropic has appointed Morgan Stanley, Goldman Sachs, and JP Morgan as its lead underwriters.

According to sources, in recent months, some of OpenAI’s major investors have privately expressed concern over the company’s cash burn rate relative to its growth, while other investors have hedged their bets on OpenAI by investing in Anthropic. Anthropic is accelerating its plans for a fall IPO, already meeting with potential investors and highlighting its leading position over the creator of ChatGPT. OpenAI, which originally hoped to go public before Anthropic, may now have to wait until next year.

Market Context: Cooling AI Sector, Narrowing IPO Window

OpenAI’s postponement is not unique. Analysis points out that major model companies that had planned IPOs for the second half of 2026 may now delay until the first half of 2027 due to declining market risk appetite and uncertainty in liquidity conditions.The adjustment in IPO timing means the company's highly anticipated public offering will be delayed far beyond prior market expectations of a fall listing this year.

On June 8, OpenAI secretly submitted its S-1 filing to the SEC. The company’s statement at the time read: "We have not yet decided when to go public; it may still take some time, as certain aspects are easier to handle as a private company. Filing the IPO documents gives us the option to move into the public market more quickly when it best suits the company’s interests."

The most straightforward interpretation of a 2027 timeline: OpenAI has the ability to wait. By delaying, the company can continue growing its user base, refining pricing, and, before facing the quarterly discipline of public markets, seek a more stable mix between consumer products, enterprise tools, and infrastructure partnerships. According to the latest reports, OpenAI’s annualized recurring revenue in July has already surpassed its entire Q2 total.