Sam Altman, the CEO of ChatGPT creator OpenAI, has publicly shared his ambivalence about leading the company through a potential public listing. In a recent podcast interview, he stated he is "0% excited" at the prospect of becoming the CEO of a publicly-traded entity, citing that it would "in some ways be annoying". This comes amid intense speculation about the artificial intelligence giant's fundraising and future IPO plans.
Addressing the IPO Speculation and Capital Needs
The discussion emerged against the backdrop of multiple reports, including from the Wall Street Journal and Reuters, suggesting OpenAI is building towards an initial public offering (IPO) in late 2026 or early 2027. These reports speculate that such a move could value the AI technology leader at a staggering up to $1 trillion.
When directly questioned about these timelines by host Alex Kantrowitz on the 'Big Technology Podcast', Altman did not confirm the plans. He similarly avoided confirming separate reports from The Information about the company being in talks to raise "tens of billions of dollars" from investors at a $750 billion valuation. Fortune magazine noted that OpenAI did not respond to its queries on the matter.
Despite his personal reservations, Altman acknowledged the positive role of public markets. "I do think it's cool that public markets get to participate in value creation," he said. He emphasized that OpenAI is a capital-intensive company requiring "lots" of resources to compete in the global AI race. "We need lots of capital. We're going to cross all of the shareholder limits and stuff at some point," he added, hinting at the inevitability of broader ownership.
OpenAI's Restructure and Competitive 'Code Red'
This financial strategy aligns with OpenAI's recent structural pivot. The company has transitioned from a non-profit to a for-profit model in a restructuring that left the original non-profit entity in control, holding a stake worth $130 billion. Tech giant Microsoft now holds a reduced 27% stake but has gained increased access to OpenAI's research. The restructuring also frees OpenAI to collaborate with cloud computing platforms beyond Microsoft's Azure.
Altman also addressed the company's internal 'Code Red' alerts, triggered by emerging competitive threats. He described this as a continuous and necessary process. "I think that it's good to be paranoid and act quickly when a potential competitive threat emerges," he stated, citing the earlier response to the rise of China's DeepSeek as an example. He anticipates such focused efforts will be needed once or twice a year for the foreseeable future to ensure OpenAI maintains its leading position.
The Road Ahead: Private Benefits vs. Public Demands
Sam Altman's comments paint a picture of a leader weighing the benefits of remaining private against the immense capital requirements of the AI industry. While he finds it "wonderful to be a private company," the need for vast funding and the eventual scaling beyond private shareholder limits make a public listing a likely, if not eagerly anticipated, future step.
His candid admission of finding the prospect "annoying" reflects a common sentiment among founders wary of the short-term pressures and increased scrutiny from public markets. For now, the world watches as one of AI's most influential companies navigates its path between revolutionary innovation and the practical demands of global scale and competition.
