OpenAI is considering postponing its initial public offering until 2027 as turbulence in technology shares raises concerns about investor appetite, according to reports Thursday.

Bloomberg said the company is leaning toward waiting longer before going public, citing a New York Times report. People familiar with the matter told the outlet that recent swings in tech stocks have prompted advisers to question whether the market is strong enough for a large offering now.

One concern is that volatility could dampen enthusiasm among retail investors, who are often an important source of demand for high-profile public listings. Advisers have reportedly warned that erratic market conditions may make it harder to support the kind of valuation OpenAI is seeking.

Chief Executive Sam Altman has been pressing advisers to aim for a $1 trillion valuation, according to the report. That would put OpenAI among the most highly valued companies ever to go public, though the firm has not set a final timetable for an offering.

OpenAI disclosed on June 8 that it had filed a confidential S-1 with the U.S. Securities and Exchange Commission, a standard first step in preparing for an IPO. At the time, the company said it had not chosen a launch date and noted that remaining private could still offer advantages for some of its longer-term plans. It added that the filing simply preserved the option to go public sooner if that became the better route.

The move came just days after rival Anthropic said it had also submitted confidential IPO paperwork to the SEC. Anthropic similarly said the timing of any future listing would depend on market conditions and other factors.

OpenAI’s fundraising history underscores the scale of the company’s ambitions. In March, it was valued at $852 billion after a financing round in which it raised $122 billion. At that time, the company said it was generating $2 billion in revenue each month, a pace that reflected rapid growth from the end of 2024.

The broader technology market has recently turned less favorable for public offerings, especially for artificial intelligence and chip companies. The Wall Street Journal reported earlier this week that investor unease over data center spending and uncertain AI revenue prospects helped pressure tech shares. CNBC and Reuters also reported sharp losses in the sector, with semiconductor stocks contributing to declines in major U.S. indexes.

Those market moves matter for OpenAI because IPO pricing depends not only on the company’s own financial performance, but also on the willingness of public-market investors to pay premium valuations for AI growth stories. A weaker backdrop can force companies either to lower expectations or wait for conditions to improve.

For now, OpenAI has not publicly confirmed any change in plans. But the latest reporting suggests the company is at least weighing whether a longer runway would give it a better shot at reaching the valuation it wants when it eventually lists shares.