[Wall Street Investment Banks Generally Predict: OpenAI's IPO May Be Delayed Until the First Half of 2027] According to a report by Golden Finance on July 16, citing 21 Finance, over the past six months, Wall Street has been crafting a narrative of 'large-scale model giants IPO, capital markets reveling again.' Investment banking professionals generally believe that with the confirmation of explosive revenue growth for large-scale model companies in early 2026, these companies will likely push forward their IPO processes in the second half of the year to seize the optimal market window. However, entering July, this expectation has noticeably cooled. Recently, media reports indicated that OpenAI CEO Sam Altman rejected the advisory team's proposal for a 'discounted valuation to ensure listing,' reiterating that a trillion-dollar valuation is his bottom line. Prior to this, Anthropic achieved a valuation of $965 billion following its financing round at the end of May, indirectly exerting pricing pressure on the competitive Altman. In response, Wall Street investment banking institutions generally predict that the originally planned IPOs of large-scale model companies in the second half of 2026 may be postponed to the first half of 2027 due to declining market risk appetite and uncertainties in the liquidity environment.