OpenAI Pushes to Close About $30 Billion Round at Over $1.4 Trillion Valuation Before Anthropic's IPO

SentiSense · Published Oct 19, 2026, 7:30 PM ET · Updated Oct 20, 2026, 8:15 AM ET

OpenAI is moving to close a funding round of about $30 billion that could value it at more than $1.4 trillion, aiming to lock in capital before Anthropic's expected mid-November IPO, Reuters reported on Oct. 19 citing people familiar with the matter. Existing backers SoftBank and MGX are in talks to join, and OpenAI is pitching investors on $50 billion of annualized revenue with a $70 billion target by year-end.

OpenAI is trying to close a private round of about $30 billion that could value the ChatGPT maker at more than $1.4 trillion, and it wants the money in hand before Anthropic goes public, Reuters reported on Oct. 19, citing people familiar with the matter. Existing investors SoftBank and Abu Dhabi's MGX are in talks to join the round. No term sheet or final commitment has been reported.

The size and valuation are not new: Bloomberg and The Information reported a roughly $30 billion raise near a $1.4 trillion valuation at the end of September. What changed is the urgency. Anthropic's debut is expected in mid-November, and the concern Reuters describes is that capital earmarked for frontier AI could flow to Anthropic's offering instead. Anthropic has led OpenAI on private valuation since May, according to Gizmodo's summary of the race.

OpenAI is telling prospective investors it generates $50 billion in annualized revenue and is targeting $70 billion by year-end, a figure sourced to one person and not independently audited. Investors are being asked to underwrite a private revenue figure that has not been publicly disclosed or verified.

For public markets the read-through is indirect but real. A successful round at this level would set a reference point for Anthropic's pricing and for the AI infrastructure suppliers both companies depend on, including MSFT, NVDA and ORCL. Watch for confirmation of committed investors and for any repricing of Anthropic's IPO range as the two processes overlap.