In a candid revelation, OpenAI's chief executive Sam Altman has expressed a complete lack of personal enthusiasm for becoming the CEO of a publicly traded company. This comes despite his clear acknowledgment that the creator of ChatGPT will almost certainly need to undertake an initial public offering (IPO) to fuel its astronomical growth and secure necessary capital.
"0% Excitement" for Public Company Leadership
Speaking on the "Big Technology Podcast" last month, Altman did not mince words about his personal feelings. "Am I excited to be a public company CEO? 0%," he stated bluntly. He conveyed mixed emotions regarding a potential stock market debut for OpenAI, adding, "Am I excited for OpenAI to be a public company? In some ways, I am, and in some ways I think it'd be really annoying."
However, the AI startup's leader is a pragmatist. He recognised the compelling practical reasons steering the company toward an eventual IPO. Altman pointed out that OpenAI requires substantial capital and will eventually exceed regulatory limits on the number of private shareholders.
"I do think it's cool that public markets get to participate in value creation," Altman remarked. He also noted, "We need lots of capital. We're going to cross all of the shareholder limits and stuff at some point." He highlighted that by historical standards, OpenAI would be "very late to go public."
The Inevitable Path to a Trillion-Dollar Valuation
Founded in 2015 by Altman and eleven others, OpenAI's trajectory changed forever with the launch of ChatGPT in 2022. The chatbot now boasts approximately 800 million weekly users. The company's commercial prowess is evident from signing deals worth about $1 trillion with tech titans like Oracle, Nvidia, and AMD.
Multiple reports indicate active preparations for a landmark IPO:
- In October 2024, Reuters reported OpenAI is considering filing with securities regulators as early as the second half of 2026.
- Recent discussions suggest the company is being valued at around $830 billion.
- A higher estimate from Reuters in October 2025, citing three sources, suggested OpenAI could be valued at a staggering $1 trillion.
- The same report indicated that Chief Financial Officer Sarah Friar is aiming for a stock market listing in 2027, with a possible IPO filing in late 2026.
This move to go public is seen as critical for raising the enormous funds required to compete fiercely in the global AI race.
Restructuring and the "Code Red" for Competition
OpenAI, originally established as a non-profit, underwent a significant restructuring in October 2024, transforming into a more traditional for-profit entity. Under this change, the controlling non-profit received a $130 billion stake. The restructuring also adjusted Microsoft's stake to 27% while expanding its research access and permitting OpenAI to partner with other cloud providers.
The intense pressure to keep pace became starkly clear in December 2024. Following Google's rapid launch of its Gemini 3 model, Altman issued an internal "code red" memo. This directive called for an eight-week focus on accelerating core AI work, pausing other initiatives like advertising and e-commerce expansion.
The strategic shift appears effective. OpenAI recently launched its new GPT-5.2 model and followed it with a fresh image-generation model to rival competitors. OpenAI's apps CEO, Fidji Simo, clarified that the release wasn't a direct response to Gemini 3 but admitted the extra resources from the "code red" helped speed up the launch timeline.
While Altman's personal reluctance is clear, the financial and strategic imperatives seem to have charted an almost certain course for one of the world's most valuable AI companies toward the public markets.
