OpenAI chief financial officer Sarah Friar said on Friday that the results of the 2026 U.S. midterm elections have not altered the company’s plans to pursue an initial public offering (IPO) in 2026, despite growing public and political opposition to AI data centers.
Friar, speaking during a live interview on CNBC at the Citi TMB Leadership Summit in Pebble Beach, California, stated that OpenAI remains focused on long-term infrastructure investments to meet customer demand. She emphasized that the company’s business outlook remains strong, citing 70% revenue growth in the third quarter, including a doubling of enterprise sales.
OpenAI’s IPO timeline and data center strategy
OpenAI has previously indicated its intention to target an IPO in 2026, and Friar reiterated that the midterm election results did not introduce any “dramatic changes” to these plans. The company continues to prioritize investments in AI infrastructure, including data centers, which it refers to as “compute campuses.” These facilities are critical to training and deploying AI models.
Friar noted that OpenAI’s relationships with hyperscalers—major cloud providers—remain foundational to its growth strategy. She added that the company will continue to raise capital to support expansion, even as broader market conditions have grown more cautious toward AI-related investments.
Public backlash and policy commitments
Voters in multiple states approved restrictions or rejected pro-development measures related to data centers in the 2026 midterms, reflecting growing concerns over environmental impact, utility costs, and job displacement. Opposition to data centers has intensified over the past year, prompting OpenAI to outline a new policy framework on Thursday.
Under the commitments, OpenAI pledged to:
- Cover the full cost of electricity usage and any necessary grid improvements for its data centers.
- Eliminate non-disclosure agreements with public officials, with narrow exceptions.
- Publish data on expected job creation.
Friar framed these commitments as part of an effort to build trust with local communities and address concerns about AI infrastructure. “If the midterm means more focus on data centers and communities, we're going to keep doing the work to get into those communities and to build trust with them,” she said.
Market and competitive context
OpenAI’s stance contrasts with broader investor skepticism toward the AI sector. The Nasdaq experienced its steepest drop in 19 months on Thursday, driven by declines in shares of chipmakers and cloud providers closely tied to AI expansion. Analysts have cited higher borrowing costs, rising debt levels, and public opposition as key factors in the pullback.
The company’s primary competitor, Anthropic, has also been closely watched for potential IPO plans, with speculation that it may proceed as early as this month. OpenAI’s ability to maintain investor confidence amid these challenges remains a central question for its leadership.
Friar concluded that OpenAI’s business fundamentals remain healthy, emphasizing the company’s focus on scaling responsibly while meeting growing demand for AI services.