The round, the price tag, and where talks stand
OpenAI is sounding out investors for a funding round of no less than $30 billion, with early conversations centering on a valuation near $1.4 trillion before new cash, according to people with knowledge of the discussions. That would place it back ahead of Anthropic's latest private mark and comes after prior reporting that OpenAI had considered raising at around $1.2 trillion. The terms are not set and could shift.
One person said investor demand is driving the process as the business posts robust revenue gains. The company had no comment.
Why the IPO is on hold
OpenAI and Anthropic have both confidentially filed to go public, with Anthropic potentially listing as soon as this fall. But Altman has said OpenAI will not list this year. People familiar with the plans said the prospective raise is intended as a bridge to bring in capital instead of going public now. OpenAI last raised $122 billion in March at an $852 billion valuation including that funding.
Safety scrutiny, product pushes, and the Anthropic rivalry
The two rivals are scrambling to win more enterprise deals and lift revenue ahead of their market debuts. That race is unfolding alongside intensifying oversight of advanced AI. OpenAI has faced questions about catastrophic risks such as cybersecurity failures and has been linked to several security incidents, including activity targeting Australian government websites.
This week the company announced that its newest model, GPT-6.1 Astra, will be withheld from launch after failing to satisfy internal safety standards. Altman has also backed Anthropic CEO Dario Amodei's proposal to slow development of the most advanced systems and involve independent evaluators.
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OpenAI is still leaning into new products. At its developer event on Tuesday, it introduced Dots, an always-on AI agent positioned to compete with tools like Muse from Meta Platforms Inc. It also refreshed subscriptions by launching a $500 top tier with higher usage and faster processing, while trimming some limits on the $200 plan. After spending part of the year perceived as trailing, the company has tightened its product focus and regained momentum with features that make coding and other work faster.
What this could mean for your portfolio
Money is flowing. Bloomberg News reported in August that OpenAI's revenue run rate climbed above $40 billion over the summer, and one person said run rate revenue is up 70% since July. If OpenAI fills a large bridge round and stays private while it navigates safety and product choices, updates may arrive on its timetable rather than quarterly earnings rhythm. Translation for regular investors: the next chapter could develop offstage for a bit, even as the technology shows up more in everyday tools.
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