OpenAI seeks $30 billion at over $1.4 trillion, report says

OpenAI is racing to line up investor commitments for a funding round of about $30 billion that could value the ChatGPT maker at over $1.4 trillion, Reuters reported Monday, citing two people familiar with the matter. The talks are ongoing and terms aren’t final.

Rival Anthropic, whose expected mid-November market debut is shaping OpenAI’s timetable, recorded an $80.7 billion net loss in the first half of 2026, according to The Wall Street Journal, which reviewed a draft prospectus. About $72 billion of that loss came from non-cash accounting charges tied to convertible notes and other financing instruments, and first-half revenue was $16.3 billion, up from $1.1 billion a year earlier, the Journal’s Anissa Gardizy reported. The draft could change before it is filed publicly.

Why it matters

OpenAI wants commitments before Anthropic lists its shares because the two labs are increasingly tapping a similar investor base, the people told Reuters. The round is expected to move faster than is typical for a raise of its size, they said.

OpenAI is pitching investors on $50 billion in annualized revenue and expects that to reach $70 billion by year-end, according to one of the people. Those figures come from OpenAI’s pitch and have not been publicly reported by the company.

OpenAI was last valued at $852 billion in March after a $122 billion round that included a commitment of up to $50 billion from Amazon, Reuters reported.

Who has a stake

SoftBank Group, Abu Dhabi-based MGX and other existing OpenAI backers are in talks to join the round, one of the people told Reuters. SoftBank is led by Chairman and CEO Masayoshi Son, according to the company’s website.

OpenAI met with long-only funds and sovereign wealth funds last week while Anthropic hosted its own investor day, according to Reuters.

What’s next

Anthropic’s listing is expected in mid-November. OpenAI is planning its own listing for 2027, and investors familiar with the company told Reuters the new money would help fund its infrastructure commitments and bolster its balance sheet if weaker IPO markets push that plan back.