OpenAI CEO Sam Altman ruled out a 2026 IPO in September, citing the need to address artificial intelligence safety concerns and complete substantial internal work, with CFO Sarah Friar previously signaling a 2027 timeline. This direct executive guidance, combined with a confidential S-1 filing that has not progressed to a public listing and access to large private funding rounds targeting valuations near $1.4 trillion, has produced the 96.9% market-implied probability against a $1 trillion-plus IPO before 2027. Traders view the statements as credible given OpenAI’s $852 billion March valuation and ongoing focus on large language model development. A sudden revenue inflection or regulatory shift could theoretically accelerate plans, though current priorities make that unlikely before year-end.