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Is OpenAI Afraid to IPO? Scott Galloway Explains Why They May Be Delaying Going Public

July 01, 2026 / 00:58

This episode discusses OpenAI's potential IPO delay, financial losses, and competition with Anthropic. Key topics include financial leaks, spending concerns, and market dynamics.

The conversation highlights OpenAI's reported losses increasing nearly eightfold in 2025, with spending reaching $34 billion. The CFO's comments from JP Morgan and Goldman Sachs suggest that releasing these financials now would be detrimental.

There is a comparison made between OpenAI's situation and historical market shifts, likening it to a significant change in leadership similar to RC Cola overtaking Coke.

The discussion also touches on the anticipated decline in AI valuations over the next year, indicating that this moment may be a precursor to larger market changes.

TLDR

OpenAI may delay its IPO due to rising losses and competition from Anthropic.

Episode

0:58

00:00:00

Open A is reportedly considering delaying its IPO until next year. And their financials leaked a few weeks ago

00:00:04

with losses increasing nearly 8x in 2025 and spending hitting $34 billion. And of

00:00:10

course, they've got Anthropic right in front of them. >> Open AI, if they were going to have to

00:00:13

open their cupboards, there was just going to be evidence everywhere that Anthropic is eating their lunch. I think

00:00:19

the S1 side by side would show a company that is losing momentum and is spending

00:00:24

way too much money. This is the CFO and JP Morgan and Goldman Sachs said, "You don't want these numbers public right

00:00:30

now." >> Yep. Absolutely. >> This is what I call the great flipping. >> Flipping? Is that a vulgar word you made

00:00:35

up of? >> This isn't even Pepsi overtaking Coke. It's like RC Cola one morning is the

00:00:39

market leader. >> RCA. >> When we look back on the great draw down that will be AI valuations that is I

00:00:46

think going to happen in the next 12 months. This will be seen as a real crack that it kind of was a signal of

00:00:52

what's to come.

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Episode Highlights

The Great Flipping
A new term emerges as market dynamics shift dramatically in AI.
“This is what I call the great flipping.”
@ 00m 32s
July 01, 2026

Episode Quotes

Anthropic is eating their lunch.
Is OpenAI Afraid to IPO? Scott Galloway Explains Why They May Be Delaying Going Public
This is what I call the great flipping.
Is OpenAI Afraid to IPO? Scott Galloway Explains Why They May Be Delaying Going Public
This isn't even Pepsi overtaking Coke.
Is OpenAI Afraid to IPO? Scott Galloway Explains Why They May Be Delaying Going Public
This will be seen as a real crack.
Is OpenAI Afraid to IPO? Scott Galloway Explains Why They May Be Delaying Going Public

Key Moments

Financial Leak00:03
Rising Losses00:04
Competition with Anthropic00:11
Great Flipping00:32
Market Dynamics00:35
Future Predictions00:47