OpenAI Races to Close $30 Billion Round at $1.4 Trillion Valuation Before Anthropic Goes Public

OpenAI is accelerating efforts to lock in investor commitments for a roughly $30 billion private funding round that would value the company at more than $1.4 trillion, according to sources familiar with the matter. The push is driven by a desire to secure capital before Anthropic's expected public market debut in mid-November, which could compete for the same pool of institutional investment dollars.

SoftBank, MGX, and other existing backers are in active talks to participate in the round, one source said. The targeted valuation represents a dramatic step up from OpenAI's last funding round in March, which valued the company at $852 billion.

To support the raise, OpenAI told prospective investors it has reached $50 billion in annualized revenue and expects that figure to climb to $70 billion by year-end. The round is structured as a private bridge in place of a near-term IPO, which CEO Sam Altman has previously delayed. OpenAI and SoftBank declined to comment, while Anthropic and MGX did not immediately respond to requests for comment.