OpenAI Faces Growth Slowdown and Computing Cost Burdens... 'Red Light' on the Path to IPO

On April 27, 2026, reports emerged that OpenAI is struggling to meet its aggressive growth projections. Despite the 'unlimited spending' strategy led by CEO Sam Altman, the company missed key internal milestones in new user acquisition and revenue. This is sparking internal debate over the sustainability of data center investments as the company prepares for a major initial public offering (IPO).

According to foreign media such as the Wall Street Journal (WSJ), OpenAI failed to meet its monthly revenue targets several times in early 2026. Chief Financial Officer (CFO) Sarah Friar reportedly informed management of concerns that the company may struggle to cover future computing contract costs if revenue growth does not accelerate sufficiently.

OpenAI has recently failed to meet new user and revenue targets, and this performance shortfall is raising concerns among leaders about the company's ability to support data center spending.

This performance slump is being interpreted as a sign that ChatGPT's growth is entering a stagnant phase. Insiders are pointing out that the pace of expansion, particularly in the enterprise market, is slower than expected, raising questions about whether the current high-cost structure can be sustained in the long term.

Major Revision of Infrastructure Investment Plans

OpenAI has decided to significantly scale back its originally planned $1.4 trillion infrastructure investment commitment. According to a CNBC report, the company notified investors that it is lowering its computing infrastructure spending target to approximately $600 billion by 2030. This reflects market doubts about whether astronomical costs can be offset by revenue.

• Previous infrastructure investment target: $1.4 trillion
• Revised 2030 spending target: $600 billion
• 2030 target revenue: $280 billion

Gross margin, a key profitability metric, is also deteriorating significantly. OpenAI's actual gross margin was 33%, falling far short of the internal forecast of 46%. This is a substantial decline compared to 40% the previous year, with the rapid rise in inference costs—essential for operating AI models—analyzed as the primary cause.

The rate at which costs paid to maintain AI model performance translate into revenue is much slower than market expectations. As pricing power weakens due to intensifying competition, OpenAI faces the double burden of maintaining competitive pricing while absorbing high operating costs.

Anthropic's Pursuit and Market Share Decline

The rise of competitor Anthropic has directly impacted OpenAI's growth slowdown. Anthropic's Claude model is expanding its share, particularly in the coding and enterprise sectors, hindering OpenAI's ability to meet revenue targets. Currently, OpenAI's flagship models are rated as mid-tier compared to competitors in terms of cost-effectiveness.

As financial uncertainty grows, possibilities of delays in the IPO schedule are being raised. CFO Sarah Friar reportedly expressed reservations about pursuing a listing by the end of 2026, given the current financial volatility and missed targets. Investors are demanding stricter verification of the company's ability to achieve the $280 billion revenue target by 2030.

Following the release of this report, the stock prices of major partner companies linked to OpenAI, such as Oracle, showed a downward trend. The market is interpreting OpenAI's performance slump not just as an individual company's issue, but as a warning signal for the profitability of the AI industry as a whole. Partners and investors are closely watching whether OpenAI can deliver tangible results that justify its massive capital injections.