The AI lab is racing to raise record funding before Anthropic's IPO.
OpenAI wants investor signatures by October 30 for a round worth up to $30 billion.
The round would value OpenAI at $1.25 trillion before the new money is counted.
Investors from the UAE and Coatue are leading the talks, CNBC reported.
OpenAI pitched $1.4 trillion earlier in October. The new target is $150 billion lower.
At this price, OpenAI would become the most valuable private company in history.
Rival Anthropic plans an IPO in mid-November. Both labs chase the same investors.
OpenAI says it hit $50 billion in yearly revenue. Anthropic reached about $65 billion.
AI models need giant data centers. OpenAI plans $600 billion of computing spend by 2030.
A separate deal could bring OpenAI extra computing capacity from the UAE.
The round is a bridge to a future IPO. OpenAI filed IPO paperwork back in June.
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