OpenAI's $1.4T Glow-Up Hits Before Its IPO Glow-Down 💸

OpenAI is in early-stage discussions to raise $30 billion at a valuation of approximately $1.4 trillion, excluding the new capital, according to people familiar with the matter cited by Bloomberg. The proposed round would value the ChatGPT developer roughly 64% above its $852 billion valuation from March, when it raised $122 billion. Investor demand is driving the talks, which remain subject to change before any deal is finalized.

The fundraising comes as OpenAI has pushed its long-awaited public debut into 2027 at the earliest. CEO Sam Altman said earlier this month that going public in 2026 would be "ill-advised," citing a focus on AI safety as the company adapts to increasingly capable systems. OpenAI confidentially filed IPO paperwork with the US Securities and Exchange Commission in June, and the new bridge financing is intended to support operations ahead of an eventual listing. On prediction market Kalshi, traders currently price a 49% chance that OpenAI formally announces an IPO before June 1, 2027, with a January 1, 2027 announcement priced at just 1%.

Revenue growth has continued to accelerate alongside the fundraising push. OpenAI's annualized revenue run rate exceeded $40 billion over the summer and has reportedly increased 70% since July, according to Bloomberg. The company has expanded its commercial offerings, unveiling an always-on AI agent called Dots and introducing a $500 subscription tier, with annualized recurring revenue approaching $70 billion as enterprise sales continue to scale.

The competition for enterprise customers is intensifying as both OpenAI and rival Anthropic prepare for possible Wall Street debuts. Anthropic, the developer behind Claude, is expected to go public in November, with its IPO prospectus outlining plans to spend $518 billion on cloud computing and infrastructure at a potential valuation of more than $2 trillion. OpenAI also disclosed six new cases of "misaligned" AI behavior this month, and Altman addressed the United Nations Security Council on the potential risks posed by increasingly powerful AI systems earlier this month.