**OpenAI's leadership has directly signaled a 2027 IPO timeline, driving the 97.8% market-implied probability against a $1T+ debut before then.** CEO Sam Altman ruled out any 2026 listing in September, calling the timing ill-advised amid AI safety priorities and stating the company has substantial work ahead on alignment and risk mitigation for its large language models. CFO Sarah Friar previously targeted 2027, aligning with the confidential S-1 filed in June and ongoing private fundraising talks at roughly $1.4 trillion valuation to bridge capital needs. Strong revenue growth supports the valuation goal, yet the explicit safety focus and preference for additional private rounds create a clear barrier to an earlier public offering. Potential swing factors include rapid resolution of safety benchmarks or shifts in public-market windows, though current statements indicate low likelihood of acceleration.