Wall Street investors are expressing skepticism about OpenAI's upcoming IPO, citing concerns over its high valuation and uncertain profitability. Investment banks have begun gauging public market sentiment, revealing a cautious stance among investors. OpenAI is currently raising funds at an $85 billion valuation, equating to a 28x price-to-sales ratio based on projected 2026 revenue, significantly higher than NVIDIA's 12x ratio. Investors are wary of OpenAI's forecasted losses until at least 2030, with some fearing that IPO proceeds may not suffice to reach profitability. Competitor Anthropic's rising prominence and more conservative investment strategy are also diverting attention and capital. Prominent investors like Jim Chanos and Bob Lang have voiced concerns, with some considering shorting OpenAI's stock post-IPO due to its reliance on costly computing infrastructure.