OpenAI is racing to secure commitments from investors ahead of rival Anthropic’s expected public market debut in mid-November, seeking about $30 billion in fresh funding at a potential valuation exceeding $1.4 trillion.
The rapid fundraising timetable reflects a push by the ChatGPT maker to get ahead of Anthropic as the two frontier artificial intelligence labs increasingly tap into a similar investor base. According to two people familiar with the matter, OpenAI wants to capitalize on its recent revenue growth following the launch of new models, with SoftBank Group and Abu Dhabi-based MGX among the existing backers in talks to join the round.
The acceleration highlights the intense competition between the two developers as they pursue trillion-dollar price tags amid rising interest rates, volatility in technology stocks, and heightened scrutiny of artificial intelligence valuations. OpenAI held meetings with long-only funds and sovereign wealth funds while Anthropic hosted its own investor day, with the financing push expected to move faster than is typical for a deal of this size.
Key Points Of OpenAI Funding
- OpenAI is seeking about $30 billion in fresh funding at a valuation exceeding $1.4 trillion.
- The fundraising aims to close before Anthropic’s expected public market debut in mid-November 2026.
- OpenAI reported reaching $50 billion in annualized revenue, expecting it to rise to $70 billion by year-end.
- Market volatility and concerns over artificial intelligence infrastructure costs have pressured technology stocks and public listings.
Revenue Growth And Avoiding Comparisons
OpenAI is pitching investors on accelerating growth following the launch of its GPT-6 Astra model, reporting $50 billion in annualized revenue with expectations to reach $70 billion by the end of the year. The company has also lowered prices on its cheaper models to boost usage and told investors it can further reduce pricing.
In comparison, Anthropic’s annualized revenue reached roughly $65 billion by July, with quarterly revenue rising to $16.8 billion in the third quarter. However, slowing month-to-month revenue growth has raised questions among investors regarding its valuation. OpenAI aims to complete its funding round before Anthropic discloses financials that could invite direct market comparisons.
OpenAI records revenue on a net basis and has accused Anthropic of inflating revenue by counting the full gross value of contracts sold through third-party cloud providers, while Anthropic maintains that it follows established accounting practices. OpenAI was previously valued at $852 billion in March following a record-breaking $122 billion funding round that included a commitment from Amazon.com.
Market Volatility And IPO Plans
A number of companies preparing to go public have chosen to wait until after Anthropic’s planned public offering due to market volatility and a pullback in artificial intelligence stocks. Some late-stage firms are also timing private funding rounds to avoid conflicting with the debut.
Investors have argued for a valuation closer to $1.5 trillion for Anthropic rather than its desired $2 trillion after third-party results fell short of expectations. Broader market choppiness, rising bond yields, and scrutiny over artificial intelligence infrastructure costs—exemplified by recent declines at cloud provider CoreWeave—have disrupted the autumn initial public offering pipeline. Several listings, including Blackstone-backed AirTrunk REIT and Nvidia-backed Firmus, have been paused or pulled as a result.
Frequently Asked Questions
How much funding is OpenAI seeking?
OpenAI is seeking about $30 billion in fresh funding at a potential valuation exceeding $1.4 trillion, according to people familiar with the matter.
What is driving OpenAI to accelerate its fundraising?
OpenAI is racing to secure investor commitments before rival Anthropic’s expected public market debut in mid-November in order to capitalize on its revenue growth and set its own valuation without direct comparisons.
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