Internal discussions at OpenAI have revealed a divergence of opinions among senior leadership concerning the timing for an Initial Public Offering (IPO). Chief Financial Officer Sarah Friar has expressed a cautious internal view, suggesting that the company may not be ready for a public listing before the end of 2026 due to the extensive preparation required. This includes the ongoing refinement of processes, compliance measures, and organizational structure. Friar also raised concerns about the financial risks associated with OpenAI's massive investments in computational infrastructure. Projections indicate the company could burn through more than $200 billion in cash before achieving positive cash flow. Furthermore, OpenAI has committed to investing over $600 billion in cloud server capacity over the next five years. Friar specifically highlighted the complex structure of these commitments, noting that a significant portion of the recently announced $122 billion in funding is expected to come from Amazon (AMZN) and NVIDIA (NVDA), both of which are also OpenAI's cloud service and chip suppliers. This situation could introduce potential risks to the capital structure. OpenAI has also emphasized risks associated with its partnership with Microsoft (MSFT), internally warning that any changes to the relationship could negatively impact the company's business. Friar's cautious stance contrasts with that of Chief Executive Officer Sam Altman, who has indicated an intention to pursue an IPO as early as the fourth quarter of this year. Signs of internal tension have surfaced, with Friar reportedly being excluded from certain financial discussions, including recent high-level meetings with major investors concerning server procurement. Notably, Friar's current reporting structure has been altered; she now reports to Fidji Simo instead of directly to Altman, which differs from the typical CFO reporting hierarchy. Despite these developments, both Friar and Altman have publicly stated that they remain aligned on the company's overall computing strategy.