OpenAI reportedly seeks $30 billion before Anthropic's expected IPO
The AMW Read
The reported $30 billion raise materially updates OpenAI's financing baseline, while its timing ahead of Anthropic's expected IPO could reshape valuation comparisons and capital allocation across AI.
OpenAI reportedly seeks $30 billion before Anthropic's expected IPO
OpenAI is accelerating talks to raise approximately $30 billion at a valuation exceeding $1.4 trillion before Anthropic's expected mid-November stock market debut, CTech reported, citing Reuters. Existing backers SoftBank and Abu Dhabi-based MGX are discussing participation. Neither the amount nor valuation is confirmed. OpenAI and SoftBank declined to comment; Anthropic and MGX did not immediately respond. The report places OpenAI's previous valuation at $852 billion following a $122 billion round in March.
The proposed transaction puts competition for institutional and sovereign capital at the center of the frontier-model market. OpenAI is pitching annualized revenue of $50 billion and expects $70 billion by year-end, according to the report; those run rates should not be read as booked annual revenue. Anthropic's expected listing could introduce a public-market reference point for private lab valuations and increase demands for financial disclosure. For OpenAI, the capital would also support substantial infrastructure commitments and provide a buffer if market conditions delay its planned 2027 IPO.
Investors should scrutinize revenue comparability before treating either company's headline growth as a valuation benchmark. The report says OpenAI deducts partners' shares upfront, while Anthropic counts the gross value of contracts sold through cloud providers and says its accounting follows established practices. That difference makes reconciliation of revenue definitions, partner economics and infrastructure obligations a concrete diligence priority. A larger financing round would expand OpenAI's financial capacity, but would not itself establish better operating economics.
