OpenAI May Delay IPO Until 2027; Reformation Seeks Listing After $507M Sales
SPCX•OpenAI is evaluating delaying its initial public offering until 2027, deferring a major valuation catalyst. Reformation filed for an IPO after reporting net revenues of $507.1 million in 2025 (+15.7%) and first-quarter sales of $112.3 million (+30.4%), serving 1.1 million active customers.
1. OpenAI Mulls IPO Delay Until 2027
OpenAI is evaluating pushing its initial public offering back to 2027, citing market conditions and regulatory considerations. This move defers a key catalyst for market valuation and may prompt SPCX investors to adjust near-term expectations.
2. Reformation Files for IPO With Robust Sales Growth
Reformation submitted its registration statement revealing net revenues of $507.1 million in 2025, up 15.7%, and first-quarter sales of $112.3 million, up 30.4%, marking 20 consecutive quarters of double-digit growth. Its direct-to-consumer channel accounted for 90% of sales, with 1.1 million active customers generating $421 each on average, while net profit fell to $12.6 million from $32.6 million last year; major shareholders include Permira and a family trust controlled by founder Yael Aflalo.
