Tuesday, November 03, 2026
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OpenAI races to raise $30 billion at $1.25 trillion valuation before Anthropic IPO

Rive News Research Desk

Published · 4 min read

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Key takeaways

  • OpenAI wants up to $30 billion from investors at a $1.25 trillion valuation.
  • Investors from the UAE and Coatue are leading the round, CNBC reported.
  • The company wants signatures by October 30, ahead of Anthropic's IPO.
Sam Altman, chief executive of OpenAI
Sam Altman, chief executive of OpenAIPhotograph: Village GlobalImage: Wikimedia Commons

OpenAI is close to raising up to $30 billion from investors. The round would value the company at $1.25 trillion before the new money is counted. That would make it the most valuable private company in history, TechCrunch reported.

OpenAI declined to comment on the talks.

What happened

OpenAI told investors on October 22 that it wants signatures by October 30. The target is a funding round of up to $30 billion. The price under discussion is $1.25 trillion.

That is the pre-money value. AI Affairs reported it, citing CNBC. The final size is still being worked out, and the terms could still change.

Investors from the United Arab Emirates and Coatue are leading the financing. A separate commercial deal is also on the table. OpenAI is negotiating for more computing capacity from the UAE, CNBC reported.

That deal would pair fresh cash with fresh computing power.

This is not the first number OpenAI has pitched this month. Bloomberg reported on an earlier pitch. Earlier in October, OpenAI presented a fixed $1.4 trillion price to backers.

BlackRock and the UAE fund MGX were among them. The new target is $150 billion lower. OpenAI trimmed its own ask in a matter of weeks.

The round is being pitched as a bridge to a future IPO. OpenAI filed confidential paperwork for a listing back in June, according to TechCrunch. In August, CFO Sarah Friar spoke to employees.

She said the company "will be a public company in 2027. " AI Affairs reported that remark. CEO Sam Altman spoke the next month.

He said going public now "would be an ill-advised moment. "

Why it matters

The race is about timing. Anthropic is expected to list its shares in mid-November. Both labs chase the same pool of investors.

OpenAI wants commitments locked in first. Reuters reported that, citing two people familiar with the matter. Some investors see the push as a money play.

It could secure funds that might otherwise go to Anthropic's IPO.

OpenAI pitched strong growth to backers. It said it reached $50 billion in annualized revenue after launching its GPT-6 Astra model. It expects that figure to rise to $70 billion by year-end, one person told Reuters.

Anthropic reached roughly $65 billion in annualized revenue by July, Reuters reported. Quarterly revenue jumped to $16.8 billion in Q3. That was up from $11.6 billion in Q2.

The money will pay for machines. AI models need huge data centers to train and run. OpenAI shared a big spending plan in February.

It targets about $600 billion on computing by 2030. AI Affairs reported that. A UAE computing deal would give the company capacity beyond the cash itself.

That capacity is as important as the check.

The last round set the bar. OpenAI was last valued at $852 billion in March, Reuters reported. That raise totaled a record $122 billion.

Amazon's commitment was up to $50 billion. The new $1.25 trillion price is nearly 50 percent higher than seven months ago.

Anthropic raised $65 billion in May at a $965 billion valuation. It now seeks $1.5 trillion to $2 trillion for its public debut. CNBC reported that.

Some investors argue for the lower end of that range. Its third-quarter results fell short of hopes, Reuters reported.

The rivalry between the two labs keeps getting sharper. Warnings are also growing about AI systems that can act on their own. Read more: Anthropic AI self-replication warning

The same race keeps demand for AI chips hot. Big buyers are spending hundreds of billions on hardware in 2026. Read more: ASML stock earnings and AI demand

Server racks inside a data center
Server racks in a data center. Computing capacity is a big reason behind OpenAI's fundraisingPhotograph: VictorgrigasImage: Wikimedia Commons

What happens next

Watch October 30 first. That is the target date for investor signatures. The final amount OpenAI raises is still open.

Terms can still change before the papers are signed.

Watch Anthropic's IPO next. It is expected in mid-November. Its listing will set the market price for top AI labs.

Some companies have already paused their own listings to avoid clashing with it, Reuters reported. Bankers say late-stage firms are timing their raises around it.

Watch the computing deal too. If OpenAI locks in UAE computing capacity, its 2030 spending plan gets stronger. Building data centers is the real cost driver behind these numbers.

Long-term capacity contracts make growth easier to plan. They also put future margins under the microscope.

The market mood is nervous. Tech stocks have been volatile since September. Bond yields are rising.

Investors are asking harder questions about AI valuations. That mood is a big reason OpenAI cut its own ask by $150 billion.

The next ten days will decide the round. If OpenAI closes near $30 billion, it enters 2027 strong. It will hold a record valuation and fresh firepower.

If investors push back, the IPO debate starts all over again. Either way, the number everyone quotes next will be set by October 30.

This article is for information only and is not financial advice.

TaggedOpenAIfunding roundAnthropic IPO

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