OpenAI races to raise $30B at $1.4T valuation ahead of Anthropic IPO
What's the deal? OpenAI is in talks to raise about $30 billion at a valuation above $1.4 trillion, ReutersDealroom has a profile for this one. Try Dealroom → reports, with SoftBankDealroom has a profile for this one. Try Dealroom → and Abu Dhabi's MGXDealroom has a profile for this one. Try Dealroom → among potential participants. The terms are unconfirmed.
Why now? The raise is timed ahead of rival Anthropic's expected listing in mid-November 2026 — a race for overlapping investors. OpenAI says its annualised revenue has reached $50 billion and expects that to climb to $70 billion by the end of 2026, as it needs capital to fund costly computing commitments.
How big a step up? The target valuation would mark a sharp jump from the $852 billion OpenAI reached in March 2026 after a record $122 billion round.
The IPO angle: Anthropic is expected to go public in mid-November 2026, but some investors have reportedly reconsidered its hoped-for roughly $2 trillion valuation. After weaker-than-expected results, some now see a figure closer to $1.5 trillion.
What could go wrong? Rising scrutiny of AI infrastructure costs and financing makes the proposed valuation a test of investor appetite, not a settled price. OpenAI's own IPO plans have been pushed out.
The signal: Two of AI's biggest players are now chasing the same pool of capital on overlapping timelines, with trillion-dollar valuations hinging on whether revenue can keep pace with spending.
Image credit: Office of the Prime Minister of Japan (CC BY 4.0)
Read more: Reuters
