This would make it the first indication by the company that it's lagging behind its main rival, Anthropic

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OpenAI is waiting for a trillion—here's what it signals By Harrison Rolfes, Senior Research Analyst OpenAI is reportedly considering delaying its $1 trillion IPO to 2027—and that deliberation is a price signal that its leadership doubts it can clear the target today. This would make it the first indication by the company that it's lagging behind its main rival, Anthropic—and a confirmation of PitchBook's initial analysis of the two companies. OpenAI has been priced too richly for its quality: $188 billion per point of business quality, giving it a 60% premium over Anthropic's $118 billion, according to our AI Business Quality framework. Now, whether OpenAI's targeted $1 trillion valuation is achievable within 12-18 months depends on the multiple applied. At OpenAI's own rich multiple of 34x—based on its most recent valuation—it would only need about $29 billion of annual revenue to achieve that, which is feasible. But using the multiple of 20.5x from Anthropic's own most recent…

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