OpenAI Seeks at Least $30 Billion at $1.4 Trillion Valuation as Bridge to Delayed IPO

OpenAI is seeking at least $30 billion in new funding at a pre-money valuation of about $1.4 trillion, Bloomberg reported on Tuesday. The talks are at an early stage and terms could change. The round is intended as bridge financing after OpenAI pushed back plans for a public listing.

The target is a sharp step up from OpenAI's last raise. In March the company announced $122 billion in committed capital at an $852 billion post-money valuation, co-led by Amazon, Nvidia and SoftBank, and at the time said it was generating $2 billion in revenue a month. A $1.4 trillion pre-money figure implies a valuation about 64% higher six months later. It is also above the roughly $1.2 trillion that Fortune reported OpenAI was discussing with investors only two weeks ago.

The March round had been widely expected to be OpenAI's last before going public. The company has confidentially filed for an IPO, but chief executive Sam Altman told Fortune this month that a listing would not happen in 2026. "I actually think that given everything happening with safety, right now would be an ill-advised moment to go public," Altman said, adding: "I would say not 2026, yeah. We've got a lot of stuff to do."

If completed at the targeted price, the round would restore OpenAI's position as the most valuable private AI company. Anthropic was valued at $965 billion in May, and a draft IPO prospectus reviewed by Reuters and reported by Decrypt shows it is seeking a public valuation above $2 trillion, with a listing expected after November's US midterm elections. The same filing showed Anthropic lost nearly $42 billion in 2025 on revenue of $4.6 billion, although about $34 billion of that loss was a non-cash charge tied to convertible financing and the operating loss was just over $8 billion.

The figures give investors a rough benchmark for what they are being asked to fund. Both companies are committing hundreds of billions of dollars to compute over the coming years, and Anthropic's prospectus lists about $518 billion in planned cloud and infrastructure spending, most of it non-cancellable. OpenAI's bridge round is small relative to its March raise, but its pricing will set the reference point for how public markets are asked to value both companies when they eventually list.