OpenAI internal disagreements! CFO dampens expectations, saying an IPO by 2026 is unlikely, while the CEO remains optimistic about going public as early as Q4.

LootboxPhobia · 2026-04-07T08:54:49+00:00

OpenAI internally disagreed on the timing of the initial public offering. Chief Financial Officer Sarah Friar was concerned that the company would find it difficult to go public before 2026 and faced financial risks, while CEO Sam Altman wanted to push for an IPO as soon as possible. Their differing positions reflect internal tensions, and Friar was excluded from some discussions, which could impact the company's future development.

LootboxPhobia

2026-04-07 08:54:49

Abstract generation in progress

Zhitong Finance APP has learned that, according to information available, there is disagreement within OpenAI regarding the timing of its first initial public offering (IPO). Opinions differ among top leadership teams. Chief Financial Officer Sarah Friar said internally that, given the massive scale of preparation work, including ongoing refinements to processes, compliance, and organizational structure, the company may not yet be in a position to meet listing requirements before the end of 2026.

Friar also expressed concern about the financial risks OpenAI faces due to large-scale investment in compute infrastructure. Related projections show that the company’s cash burn may exceed $200 billion before it achieves positive operating cash flow.

In addition, OpenAI has committed to investing more than $600 billion in cloud server capacity over the next five years. Friar specifically noted that the structures of these commitments are relatively complex. In the $122 billion financing announced recently, it is expected that a large portion will come from Amazon (AMZN.US) and Nvidia (NVDA.US). At the same time, these two companies are also OpenAI’s cloud services and chip suppliers, which could pose potential risks to the capital structure.

OpenAI also emphasized risks related to its partnership with Microsoft (MSFT.US). An internal alert warned that any change in the relationship between the two could have a negative impact on the company’s business.

Friar’s cautious stance contrasts with that of CEO Sam Altman. Altman has said he intends to push for an IPO as early as this year’s fourth quarter. Signs of internal tension have also emerged: Friar is reportedly being excluded from certain financial discussions, including a recent high-level meeting with major investors regarding server procurement.

It is worth noting that Friar’s current reporting object has changed to Fidji Simo, rather than reporting directly to Altman, which differs from the typical CFO reporting structure. However, despite the above situation, both Friar and Altman have publicly stated that they remain aligned on the company’s overall computing strategy.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.