OpenAI in early raise talks at $1.2 trillion value, FT says

OpenAI has held early discussions with large investors about a new private capital raise that would value the company at about $1.2 trillion ahead of a public listing, the Financial Times reported Sep 15, citing people familiar with the matter. OpenAI declined to comment, according to a CNA wrap of the FT story. The talks are at an early stage, were initiated by investors, and the figure could change, that reporting says.

Company primary still stops at March: On March 31, 2026, OpenAI said it closed $122 billion in committed capital at a $852 billion post-money valuation, anchored by Amazon, Nvidia, and SoftBank with Microsoft continuing. There is no OpenAI post confirming a $1.2T round.

Why it matters for markets: A ~$1.2T mark would be a large step up from the $852B company-stated close — paper value, not cash raised, until a round size and terms are disclosed. It lands days after CEO Sam Altman said a 2026 IPO would be ill-advised given safety work, shifting the public calendar later while private capital keeps pricing the company.

Stake: Existing OpenAI shareholders and strategic backers (SoftBank, Nvidia, Amazon, Microsoft); Anthropic and other AI IPO calendars; public markets that would eventually absorb a trillion-class listing.

What’s next: Any OpenAI confirmation, term sheet, or round size; SoftBank or other backer filings; prospectus language if/when a listing window firms.

— Nico Valdez