OpenAI is moving quickly to secure approximately $30 billion in new funding, a step that would value the ChatGPT developer at over $1.4 trillion. The accelerated round comes just ahead of rival Anthropic's anticipated stock market debut in November, a timing that could shape how investors price both AI leaders.
According to a Reuters report, OpenAI has approached long-term investment funds and sovereign wealth investors as Anthropic prepares for a possible mid-November listing. Existing backers, including SoftBank and Abu Dhabi's MGX, are in discussions to participate, though final commitments have not been confirmed.
The urgency reflects a strategic calculation: by raising capital before Anthropic goes public, OpenAI can establish its own valuation without the pressure of a market-tested comparison. Edward Best, co-chair of capital markets at Willkie Farr & Gallagher, told Reuters that OpenAI may want to set its valuation independently. "OpenAI could want to set its own valuation and not have to worry about a comp," he said.
A $1.4 trillion valuation would represent a more than 64% increase from OpenAI's $852 billion mark in March. Securing that figure now could prove more difficult once Anthropic begins trading, as the IPO would provide investors with a concrete benchmark for AI company valuations.
OpenAI is pitching annualised revenue of $50 billion following the release of GPT-6 Astra, with expectations to reach $70 billion by year-end. Anthropic, meanwhile, reported an annualised rate near $65 billion in July, with third-quarter revenue climbing to $16.8 billion from $11.6 billion in the prior quarter. However, Anthropic's monthly growth has slowed, unsettling some investors.
The revenue figures are not directly comparable. OpenAI reports certain partner-related revenue after subtracting partners' shares, while Anthropic includes the gross value of some cloud-provider contracts. Anthropic maintains its accounting follows established practices.
At $1.4 trillion, OpenAI would be valued at roughly 28 times its current annualised revenue, before accounting for profitability. That multiple tests how much future growth investors are willing to pay for before earnings catch up. Gil Luria, head of technology research at DA Davidson, told CNBC that Anthropic's earlier enterprise lead had narrowed as OpenAI caught up and businesses adopted cheaper open-weight models.
The fundraising push comes amid broader market turbulence. Investors are questioning whether the AI infrastructure boom can sustain its borrowing and construction costs. Debt concerns at cloud provider CoreWeave and a sharp sell-off in semiconductor stocks have intensified scrutiny. Some of Anthropic's investors now favour a flotation valuation closer to $1.5 trillion rather than its previously sought $2 trillion.
Analysts describe the recent AI-stock weakness as a valuation reset rather than a fundamental doubt about AI's efficacy. OpenAI needs fresh capital for infrastructure commitments and could also strengthen its finances before a possible 2027 IPO. The accelerated round may therefore secure both funding and a valuation benchmark.
But the timing carries risk. Anthropic's listing could reveal information that changes how investors price both businesses, potentially undermining OpenAI's ability to hold its target valuation.
This article is for informational purposes only and does not constitute financial advice.
