OpenAI Races to Close ~$30B Round at $1.4T+ Valuation Ahead of Anthropic IPO

What happened

Two people familiar with the matter told Reuters that OpenAI is pushing a new fundraising round at an unusually fast pace: roughly $30 billion at a valuation that could exceed $1.4 trillion, aiming to lock in investor commitments before Anthropic's expected mid-November market debut.

The people said SoftBank Group, Abu Dhabi-based MGX and other existing OpenAI backers are in talks to join the round. OpenAI held meetings with long-only funds and sovereign wealth funds last week while Anthropic was hosting its own investor day. Some investors view OpenAI's push as an effort to lock in capital from funds that might otherwise allocate more to Anthropic's IPO. The Financial Times previously reported some details of the potential fundraising. OpenAI and SoftBank declined to comment; Anthropic and MGX did not immediately respond.

Edward Best, co-chair of capital markets at Willkie Farr & Gallagher, told Reuters on a hypothetical basis that OpenAI may want to "set its own valuation and not have to worry about a comp," adding that in terms of going public, "it's really a two-horse race."

Key facts

1. Amount and valuation: A roughly $30 billion round that could value OpenAI at over $1.4 trillion, according to two people familiar with the matter.
2. Timeline: Timed to close before Anthropic's expected mid-November debut; the round is moving faster than is typical for an offering of its size.
3. Investors in talks: SoftBank Group, Abu Dhabi-based MGX and other existing OpenAI backers.
4. OpenAI revenue figures: Annualized revenue reached $50 billion after the GPT-6 Astra launch and is expected to rise to $70 billion by year-end; OpenAI also cut prices on cheaper models, which it said boosted usage.
5. Anthropic revenue figures: Anthropic's annualized revenue reached roughly $65 billion by July, Reuters previously reported; Q3 revenue rose to $16.8 billion from $11.6 billion in Q2, but slowing monthly growth has raised investor concerns about its valuation.
6. Previous round: In March, OpenAI was last valued at $852 billion after a record $122 billion round, including a commitment of up to $50 billion from Amazon.
7. Anthropic IPO valuation debate: Some existing and prospective Anthropic investors have argued for a valuation closer to $1.5 trillion for its debut, rather than the desired $2 trillion.
8. Market backdrop: Since September, tech stocks have been volatile and AI valuations scrutinized: the Philadelphia Semiconductor Index shed $1.6 trillion in under two weeks, and several companies have delayed or withdrawn listings.