Developing
OpenAI seeks $30 billion at possible $1.4 trillion valuation before Anthropic IPO
In short
OpenAI is moving to raise about $30 billion at a valuation that could exceed $1.4 trillion, and wants investor commitments before Anthropic is expected to list in mid-November, according to reports on 20 October. SoftBank, MGX and other existing investors are in talks to take part. OpenAI told investors its annualised revenue is $50 billion and expected to reach $70 billion by year-end.
Why it matters
Business and tech outlets present the round as a race between two leading AI labs competing for the same investors. Jiemian's analysis argues that each company's valuation and revenue figures now serve as a benchmark for the other.
Key facts
- OpenAI is pushing ahead with a funding round of about $30 billion at a target valuation that may exceed $1.4 trillion. [ 2 , 3 , 4 , 5 ]
- OpenAI wants investor commitments before Anthropic, which is expected to list in mid-November. [ 2 , 3 , 4 , 5 ]
- SoftBank Group, Abu Dhabi-based MGX and other existing investors are in talks to join the round. [ 2 , 3 , 4 , 5 ]
- OpenAI told investors its annualised revenue has accelerated since the launch of its GPT-6 Astra model, is now $50 billion and is expected to reach $70 billion by year-end. [ 2 , 4 , 5 ]
- In March OpenAI's valuation reached $852 billion after a $122 billion round. [ 2 , 4 , 5 ]
- IT Home, citing Reuters and two people familiar with the matter, said the pace is expected to be far faster than usual for a round of this size. [ 3 ]
Confirmed by several sources
- OpenAI is accelerating a round of about $30 billion at a target valuation that may exceed $1.4 trillion. [ 2 , 3 , 4 , 5 ]
- The company wants commitments before Anthropic's expected mid-November listing. [ 2 , 3 , 4 , 5 ]
- SoftBank Group, MGX and other existing investors are in talks to participate. [ 2 , 3 , 4 , 5 ]
Still unclear
- Whether the $70 billion year-end revenue figure is an OpenAI forecast or an adjusted estimate. Outlets citing reports say OpenAI told investors it expects $70 billion by year-end, while Jiemian's analysis says the $70 billion is not OpenAI's own net-basis guidance but a figure media and investors derived to match Anthropic's gross-basis method, and puts OpenAI's own net figure near $50 billion at end-September.
- Whether the round will close and at what final valuation. Documents describe talks and a target valuation that 'may' exceed $1.4 trillion; no deal is reported as signed.
- Anthropic's IPO valuation and timing. Documents say a mid-November listing is expected; only Jiemian's analysis says investors at an Anthropic investor day discussed an IPO valuation of about $1.5 trillion, down about 25% from an earlier market expectation of about $2 trillion.
- OpenAI's motive for the speed of the round. IT Home, citing Reuters sources, says some investors think OpenAI is trying to lock up funds that might otherwise go into Anthropic's IPO; no document gives an OpenAI statement on this.
- OpenAI's valuation reached $852 billion in March after a $122 billion round. Reported by a single source so far
What local media are saying
Business mediaCLS and Jiemian carried the same short report on the round, its target valuation, the investors in talks and OpenAI's revenue figures. Jiemian's 19 October analysis framed the two companies' valuations and revenue as benchmarks for each other and stressed differences in how each counts revenue.
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Timeline, local time
- Jiemian publishes an analysis dated 19 October on the OpenAI and Anthropic valuation contest. [ 1 ]
- CLS reports on 20 October that OpenAI is accelerating a $30 billion round. [ 2 ]
- IT Home, citing Reuters, reports on the round and the pace of talks. [ 3 ]
- Jiemian publishes its report on the round. [ 4 ]
- 36Kr republishes the report. [ 5 ]