On July 16, according to 21st Century Business Herald, for the past six months, Wall Street has been brewing a narrative script of 'IPO for large model giants, a capital market celebration.' Investment bankers generally believe that as the revenue explosion of large model companies is confirmed in early 2026, these companies will push forward their IPO processes in the second half of the year to seize the best 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 of 'lowering the price to ensure listing,' reaffirming that a trillion-dollar valuation is his bottom line. Prior to this, Anthropic reached a valuation of $965 billion after completing financing at the end of May, which inadvertently put some pricing pressure on the ambitious Altman. In response, Wall Street investment banks generally predict that the IPOs of large model companies, originally scheduled to start in the second half of 2026, may be delayed until the first half of 2027 due to decreased market risk appetite and uncertainties in the liquidity environment.