OpenAI Seeks $30 Billion at $1.25 Trillion Valuation Before IPO
OpenAI is negotiating a $30 billion round at a $1.25 trillion pre-money valuation, potentially delaying its IPO and reshaping Anthropic's public debut plans.
Summary
OpenAI is negotiating up to $30 billion in private funding at a $1.25 trillion pre-money valuation instead of immediately advancing its IPO. Coatue and UAE investors would lead the round, potentially alongside a UAE agreement providing OpenAI with additional computing capacity. Terms remain unsettled and could change. A month earlier, OpenAI was considering the same raise at a $1.4 trillion valuation. The company declined comment.
A valuation above $1 trillion would make OpenAI the most valuable private company ever and raise expectations for its eventual listing. The ChatGPT maker filed confidential IPO paperwork in June 2026 after a March raise valued it at $852 billion post-money. Anthropic, whose IPO appears closer, also filed confidentially in June and could submit a public S-1 soon. It is seeking a $1.5 trillion to $2 trillion debut valuation after raising $65 billion at a $965 billion valuation in May, widely considered its final major round before an IPO.
Positives
- Up to $30 billion would give OpenAI substantial private capital before entering public markets.
- UAE participation could bring OpenAI additional computing capacity alongside new funding.
- A valuation above $1 trillion would make OpenAI the most valuable private company ever.
- OpenAI has already filed confidential IPO paperwork, preserving a path to a future public listing.
- Anthropic raised $65 billion in May and has also completed a confidential IPO filing.
Risks & concerns
- OpenAI's contemplated valuation fell from $1.4 trillion a month earlier to $1.25 trillion pre-money.
- Terms remain under negotiation, leaving the round's size, valuation and computing agreement subject to change.
- Another private round would defer OpenAI's immediate push toward an IPO.
- A valuation above $1 trillion would create a higher benchmark for OpenAI's public-market debut.
- Anthropic's targeted $1.5 trillion to $2 trillion IPO valuation creates similarly demanding expectations.