OpenAI is reportedly leaning toward delaying its initial public offering until next year after advisers urged the company to wait out the volatile market conditions.
IPO Plans Shift The ChatGPT maker had initially hired bankers and lawyers to prepare for a third or fourth-quarter listing while CEO Sam Altman pursued a $1 trillion valuation, according to a report by The New York Times on Thursday.
Earlier this month, the company kicked off the IPO process by confidentially filing draft registration paperwork with the SEC.
The Times, citing people familiar with the matter, said advisers have since urged the company to wait until next year, after the volatile post-IPO performance of SpaceX (NASDAQ:SPCX) and recent weakness across technology stocks.
The advisers had also presented OpenAI with the option of pursuing an earlier listing at a lower valuation, but Altman rejected lowering the company's $1 trillion target, the report added.
