Sam Altman’s September statements have sharply lowered trader expectations for an OpenAI IPO in 2026, citing the need to prioritize AI safety and alignment work over public-market pressures. The CEO explicitly ruled out a 2026 listing during a Fortune interview and repeated the stance at DevDay, emphasizing that the company must demonstrate confident safety claims before scaling further or facing shareholder demands. OpenAI is instead pursuing a $30 billion private round targeting a roughly $1.4 trillion valuation, following its March raise at $852 billion, while run-rate revenue approaches $70 billion. Rivals including Anthropic have advanced their own IPO filings, highlighting competitive divergence in timing. No near-term catalysts appear likely to reverse the safety-driven delay.