OpenAI internal disagreements! CFO dampens hopes for an IPO by 2026, while the CEO remains optimistic about going public as early as Q4

MaticHoleFiller · 2026-04-12T06:16:48+00:00

OpenAI internally disagrees on the timing of the initial public offering, with CFO Sarah Friar believing the company may not be ready to go public before 2026, citing concerns over financial risks and complex investment commitments. Unlike CEO Sam Altman's stance, internal tensions have increased, with Friar excluded from some discussions, but the two still align on overall strategic calculations.

MaticHoleFiller

2026-04-12 06:16:48

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It is understood that internal disagreements are emerging within OpenAI regarding the timing of the initial public offering (IPO), with differing opinions among senior leadership teams. Chief Financial Officer Sarah Friar stated internally that, considering the large scale of preparations—including processes, compliance, and organizational structure—the company may not be ready to go public before the end of 2026.

Friar also expressed concerns about the financial risks OpenAI faces due to substantial investments in computing infrastructure. Forecasts indicate that before achieving positive cash flow, the company’s cash burn could exceed $200 billion.

Additionally, OpenAI has committed to investing over $600 billion in cloud server capacity over the next five years. Friar specifically mentioned that these commitments are structurally complex, and a significant portion of the recent $122 billion funding announced is expected to come from Amazon (AMZN.US) and NVIDIA (NVDA.US), both of which are also OpenAI’s cloud service and chip suppliers. This could pose potential risks to the capital structure.

OpenAI also highlighted risks associated with its partnership with Microsoft (MSFT.US), warning internally that any changes in the relationship could negatively impact the company’s operations.

Friar’s cautious stance contrasts with that of CEO Sam Altman, who has previously expressed intentions to push for an IPO as early as the fourth quarter of this year. Signs of internal tension have also appeared: Friar is reportedly excluded from certain financial discussions, including recent high-level meetings with major investors regarding server procurement.

Notably, Friar now reports to Fidji Simo instead of directly reporting to Altman, which differs from the usual CFO reporting structure. However, despite these circumstances, both Friar and Altman have publicly stated that they remain aligned on the company’s overall computing strategy.

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