Friar: Markets reward long-term durability over being first to IPO
Sarah Friar · OpenAI CFO Sarah Friar: IPO, AI Rivalries, New Device, and Spending $100B+ on Compute · Jun 2, 2026 · at 2:32
Sarah Friar is the CFO of OpenAI. Asked whether there is a race among AI companies to go public first, she emphasizes long-term company strength over listing timing.
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“In the end, the market is a weighing machine, not a popularity machine. No one remembers who went first, Google or Yahoo, Lyft or Uber”
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“A year ago people talked about the commoditization of the LLMs. And frankly, it's gone the opposite because as you start building an agentic layer, and we've all started to use this word harness, but the harness is what brings the context, the memory, right?”
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“We're changing into a consumer substrate that I cannot tell you what it is, but by the end of this year, we will unveil it. Early next year we'll be able to buy it.”