OpenAI CEO Sam Altman has explicitly ruled out an IPO in 2026, citing the need to prioritize AI safety work amid growing regulatory and technical scrutiny of large language models, shifting the timeline to 2027. The company is instead accelerating a roughly $30 billion private funding round targeting a $1.25–1.4 trillion valuation, with investors like SoftBank and MGX in talks to participate before rival Anthropic’s expected mid-November listing. This move provides capital for infrastructure while avoiding public-market volatility, though it leaves OpenAI facing direct quarterly comparisons once Anthropic trades. Key upcoming catalysts include Anthropic’s S-1 filing and roadshow, which could influence broader AI valuation sentiment heading into 2027.