OpenAI IPO looks like a no-go: Sam Altman is discussing a new round of VC funding valuing the company at $1.2 trillion

Good morning. On Fortune’s radar today:

OpenAI could delay IPO in favor of $1.2 trillion funding round.

The new Fortune 500 Europe ranking is here!.

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OpenAI considers pushing off IPO by taking new VC money at a $1.2 trillion valuation

OpenAI is talking to investors about securing another round of funding that would value the company at $1.2 trillion, according to the FT. The round would stave off the need for Sam Altman’s company to stage an IPO this year. Altman recently told Fortune’s Alyson Shontell that “Given everything happening with safety, right now would be an ill-advised moment to go public, and we don’t feel pressure on that.” OpenAI raised $122 billion in March, at a valuation of $852 billion.

The new Fortune 500 Europe ranking is out

The combined revenues of the companies on the 2026 Fortune 500 Europe list hit a record high of $15.5 trillion this year, equivalent to half of Europe’s GDP.  

The list, now in its fourth year, ranks the continent’s largest companies by revenue. Despite fiercer global competition, geopolitical instability, and technological disruption over the past year, the companies on the list have proven resilient. Profits returned to growth this year, rising 3% to just over $1 trillion, after a 5% decline in 2025.  

Volkswagen holds the top spot for a third consecutive year. Revenue climbed 3.4%, to more than $363 billion, despite Europe’s carmakers being squeezed by global tariffs and growing competition from China. 

See the ranking here.

Read Sam Birchall’s analysis here.

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