OpenAI in Talks to Raise $30B at $1.4T Valuation: A Bridge Round After the IPO Delay

What Happened

Bloomberg reported September 29, citing people familiar with the matter: OpenAI is in talks for a round of at least $30 billion at a valuation of around $1.4 trillion, pre-money — excluding the new capital. Reuters and TechCrunch followed within 12 hours. The talks are early-stage, terms can move, and demand is reportedly investor-driven.

The last round was March: $122 billion in committed capital at an $852 billion valuation (per Reuters). Eight months, a ~64% markup on the target. Revenue numbers differ: Reuters says annualized revenue is approaching $70 billion, up over 70% since the start of Q3; TechCrunch, citing Bloomberg, says $40 billion in August, up 70% since July. The two figures are from different points in time.

Altman ruled out a 2026 IPO citing AI safety (per Reuters; Fortune's 9/12 interview). Meanwhile, per CoinDesk citing IPO prospectus materials, Anthropic plans a November IPO that could top $2 trillion. If OpenAI closes at $1.4T, it retakes the valuation lead.

Key Facts

1. The round: Per Bloomberg 9/29 (via Reuters, TechCrunch): at least $30B raised, ~$1.4T target valuation (pre-money); early-stage talks, terms can move; investor-side demand driving it.
2. The last round: March 2026: $122B in committed capital at an $852B valuation (per Reuters). A ~64% markup on the target in eight months.
3. Revenue figures differ: Reuters: annualized revenue near $70B (up 70%+ since Q3 began); Bloomberg: $40B in August (up 70% since July). The two are from different points in time.
4. IPO delay: Altman ruled out a 2026 listing, citing AI safety (per Reuters; Fortune 9/12).
5. The rival: Anthropic reportedly plans a November IPO north of $2T (per CoinDesk citing prospectus materials); an OpenAI close at $1.4T would retake the lead.
6. Sentiment gauge: Perpetual derivatives on OpenAI on the Liquid platform implied ~$1.6T on September 12 (via aistockwire) — market mood, not an official valuation.

Context

This round is framed as a bridge round after the IPO delay. OpenAI reportedly has a $518 billion cloud infrastructure plan.

The new models announced at DevDay came with cost-efficiency gains.