Market sources have indicated that OpenAI, a prominent player in the artificial intelligence sector, is considering delaying its initial public offering (IPO) plan from the originally scheduled fall of this year to next year. In response, shares of its potential underwriting banks, Morgan Stanley (MS) and Goldman Sachs (GS), fell more than 4% at one point during Friday trading. As of press time, the declines for both institutions had narrowed, retreating to approximately 2.77% and 2.87%, respectively.
According to insiders, OpenAI’s reassessment of the IPO timeline is primarily driven by heightened volatility in the technology stock market in recent months. The company is currently working with Goldman Sachs and Morgan Stanley on the IPO, with both investment banks serving as the lead underwriters for the project. Earlier, shares of Goldman Sachs and Morgan Stanley had shown strong performance, buoyed by a recovery in capital market financing activities and the preparations for listings by numerous AI companies.
Industry research analyst Herman Chan noted that the two investment banks underperformed their peers significantly in the day’s trading, having been major beneficiaries of the recent AI capital market boom. In addition to handling OpenAI’s potential IPO, both institutions also jointly served as lead underwriters for SpaceX’s initial public offering, making the market highly sensitive to any changes in the progress of AI-related IPOs. Furthermore, information suggests that OpenAI had previously been in contact with Citigroup (C) and JPMorgan Chase (JPM) regarding IPO collaboration. Meanwhile, its competitor Anthropic has also selected Morgan Stanley and Goldman Sachs as its IPO lead underwriters, with JPMorgan also participating in that project.
Market opinions are divided on the potential impact of OpenAI’s possible IPO delay. Truist analyst Brian Finneran believes that in the short term, the news may trigger concerns about a cooling of AI capital market enthusiasm, potentially affecting investor optimism about the business prospects of investment banks such as Goldman Sachs and Morgan Stanley. However, from a longer-term perspective, a moderate staggering of IPO timelines among major AI companies may not necessarily be a negative factor. He pointed out that the financing window in the capital market remains open, and if IPOs are conducted in a staggered manner, it could help alleviate pressures from concentrated issuance and may positively influence the capital market business performance of investment banks in 2027.
In recent years, the AI industry has become a significant force driving the recovery of the U.S. IPO market. The listing plans of marquee technology companies such as OpenAI, Anthropic, and SpaceX have not only drawn considerable investor attention but are also viewed as key drivers of global investment banking business growth over the next few years. Therefore, any adjustment to OpenAI’s listing timeline is likely to have ripple effects on market sentiment and the business expectations of major investment banks.
