OpenAI is trying to close one of the largest private fundraisings in tech history on a deadline set by its closest rival. Reuters reported on Monday that the ChatGPT maker is accelerating efforts to raise roughly $30 billion in new funding, in a round that could value the company at more than $1.4 trillion, and that it wants commitments in place before Anthropic’s expected stock market debut in mid-November.

The timetable is unusually compressed for a transaction of this size. SoftBank Group, Abu Dhabi’s MGX and other existing OpenAI backers are in talks to participate, according to Reuters, which cited people familiar with the matter. OpenAI held meetings with long-only investment funds and sovereign wealth funds last week, at the same time as Anthropic hosted its own investor day. Neither side is confirming anything in public: OpenAI and SoftBank declined to comment, while Anthropic and MGX did not respond to requests for comment.

The numbers investors are being shown

According to one person cited by Reuters, OpenAI is pitching investors on annualized revenue of $50 billion, which it expects to reach $70 billion by the end of the year, and attributes the recent acceleration in part to the launch of its GPT-6 Astra model. The company has also told investors that price cuts on some of its cheaper models have increased usage, and that it sees further room to lower the cost of running AI models.

The valuation would be a steep step up. OpenAI was last valued at $852 billion in March, after a record $122 billion funding round that included a commitment from Amazon to invest up to $50 billion. Anthropic’s own numbers explain why investors are being forced to compare the two companies directly. Anthropic reported quarterly revenue of $16.8 billion in the third quarter, up from $11.6 billion in the second quarter and $4.7 billion in the first, and its annualized revenue had reached roughly $65 billion by July. A slowdown in its month-to-month growth has still raised questions about price: some existing and prospective investors have argued that a debut valuation closer to $1.5 trillion would be more appropriate than the $2 trillion figure the company has sought.

Abstract illustration of investors weighing two fast-growing AI companies
Illustration created for GPTOnline.

The two companies even dispute how revenue should be counted. OpenAI records revenue on a net basis, deducting partners’ shares upfront, and has accused Anthropic of overstating revenue by counting the gross value of contracts sold through third-party cloud providers. Anthropic says it follows established accounting practices.

Why the rush

Timing is the story. OpenAI wants to finish fundraising before Anthropic’s IPO disclosures give investors a fuller picture of its rival’s business, according to one person familiar with the matter. Those disclosures could prompt investors to demand more detail from OpenAI’s chief financial officer, Sarah Friar, about revenue growth, financial performance and the outlook. OpenAI also needs capital for substantial infrastructure commitments, and a stronger balance sheet would protect its planned 2027 IPO if public markets turn.

Abstract illustration of data center infrastructure and rising financing costs
Illustration created for GPTOnline.

The backdrop is not friendly. Investors have grown more cautious about technology stocks, rising interest rates and the debt being used to finance AI data centers. CoreWeave, a cloud company that expanded rapidly to serve AI workloads, saw its shares and debt come under pressure last week as investors scrutinized nearly $50 billion in borrowings. Companies in the Philadelphia Semiconductor Index have shed $1.6 trillion in market value in less than two weeks, and several planned listings have been pulled or paused.

None of the headline figures, the $30 billion target or the $1.4 trillion valuation, has been confirmed by the companies involved, and the final size of the round could change. What is clear is the calendar: with Anthropic heading for a mid-November listing, OpenAI is asking investors to commit first and compare later.

Sources