(Reuters) -OpenAI Chief Financial Officer Sarah Friar said an initial public offering is "not on the cards" for the near term, speaking at The Wall Street Journal's Tech Live conference on Wednesday.

Friar said the AI startup is prioritizing growth and research over profitability and that its recent structural changes do not signal an imminent listing.

OpenAI did not immediately respond to a Reuters request for comment.

Last week, Reuters reported that OpenAI was laying the groundwork for an initial public offering that could value the company at up to $1 trillion.