OpenAI CFO: IPO not on the cards, focus stays on growth and funding

OpenAI Chief Financial Officer Sarah Friar told attendees at a Wall Street Journal Tech Live conference that an initial public offering is not on the cards in the near term. She stressed that the company is prioritizing growth and research over profitability and that recent structural changes do not signal an imminent listing.

The comments come amid ongoing market chatter about a potential listing that could reshape the AI landscape. While market discussions have floated a possible trillion-dollar valuation, Friar underscored a longer horizon focused on building durable capabilities rather than a quick exit.

Separately, OpenAI has begun pursuing additional funding avenues to underpin its rapid expansion. The company is reportedly asking the U.S. government to provide loan guarantees to back its massive infrastructure buildout. While there has been no public confirmation of the specifics, the push highlights a broader strategy to diversify financing sources and reduce the cost of capital for chip purchases and data-center expansion.

The broader push comes as OpenAI leans into partnerships to scale its hardware and software stack. Notably, a multi-year collaboration with AMD aims to deploy Instinct GPUs, with the first gigawatt of MI450 accelerators expected online in late 2026. These alliances illustrate how OpenAI is pursuing scale through a mix of private funding, strategic partnerships, and potentially public support.

Analysts say OpenAI’s emphasis on growth over a fast-to-market IPO could pay off if it translates into strong product capabilities and a robust, scalable platform. In the meantime, the company continues to invest in core AI research, safety, and infrastructure, signaling that its long-term strategy centers on being a leading provider of AI-powered services.

Cover image source: OpenAI seeks government backing to boost AI investments 🔗

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