An illustrative image of a scientist interacting with a robot highlights advances in artificial intelligence as OpenAI seeks new funding at a valuation above $1.4 trillion amid growing competition in the AI industry.

OpenAI Seeks $30 Billion Funding Round Ahead of Anthropic IPO

NEW YORK — October 19, 2026

OpenAI is moving quickly to secure a new round of investment before rival artificial intelligence company Anthropic is expected to go public in mid-November. The fundraising could value the maker of ChatGPT at more than $1.4 trillion, according to people familiar with the discussions.

The proposed round is expected to raise about $30 billion, with existing investors including Japan's SoftBank Group and Abu Dhabi-based MGX in talks to participate. The accelerated schedule comes as both companies compete for investment from many of the same financial institutions and seek to strengthen their positions in the rapidly growing AI industry.

OpenAI's fundraising effort follows recent revenue growth after the launch of its newer AI models. The company is also seeking capital to support its major infrastructure commitments and strengthen its financial position if uncertain market conditions delay its planned 2027 stock market listing.

The company met with long-term investment funds and sovereign wealth funds last week, around the same time Anthropic held an investor day. People familiar with the process said OpenAI's fundraising is expected to move faster than usual for a deal of this size.

The competition presents investors with a difficult decision: how to divide their money between two major AI companies whose potential valuations are reaching unprecedented levels. Some investors see OpenAI's push as an effort to secure funding before they turn their attention to Anthropic's expected initial public offering, or IPO, which is the first sale of a company's shares to the public.

OpenAI is telling investors that its annualized revenue has reached $50 billion following the launch of its GPT-6 Astra model. It expects that figure to rise to $70 billion by the end of the year, according to one person familiar with the matter. Annualized revenue estimates project a recent rate of income over a full year; they do not necessarily represent revenue already earned during that period.

The company has also reduced prices for some of its lower-cost AI models, saying the changes have increased usage. OpenAI has told investors it believes it can reduce prices further, according to the source.

Anthropic, meanwhile, reported annualized revenue of about $65 billion by July. Its revenue for the third quarter reached $16.8 billion, up from $11.6 billion in the second quarter, according to information it shared with investors. However, slower month-to-month growth has raised questions about the valuation investors may be willing to accept.

OpenAI wants to complete its fundraising before Anthropic releases financial information that could allow investors to compare the two businesses more closely. Such comparisons could lead investors to seek further details from OpenAI Chief Financial Officer Sarah Friar about its revenue growth and financial outlook.

The companies also differ in how they report revenue. OpenAI records revenue after deducting the share paid to partners, while it has accused Anthropic of overstating its revenue by counting the full value of contracts sold through third-party cloud providers. Anthropic has said it follows established accounting practices.

OpenAI was valued at $852 billion in March, following a $122 billion funding round that included a commitment from Amazon to invest up to $50 billion. The proposed new round would place its valuation substantially higher if investors agree to the terms under discussion.

Neither OpenAI nor SoftBank commented on the latest fundraising discussions. Anthropic and MGX did not immediately respond to requests for comment.

The fundraising race is unfolding amid greater uncertainty across technology markets. Rising bond yields, changing oil prices, concerns about AI safety and growing scrutiny of the cost of building data centers have made investors more cautious about high company valuations.

Anthropic's expected IPO is also affecting the plans of other businesses preparing to enter public markets. Bankers and investors say some companies are delaying their listings to avoid competing for investor money during a period of market volatility. Other late-stage businesses are adjusting the timing of private fundraising rounds for similar reasons.

Some current and potential Anthropic investors have argued for a valuation closer to $1.5 trillion for its planned market debut, rather than the $2 trillion figure it had sought, following third-quarter results that fell short of expectations, according to earlier reporting.

Concerns about the financing required to build AI infrastructure have added to market pressure. Cloud computing company CoreWeave came under particular scrutiny after its shares and debt fell as investors examined the nearly $50 billion in borrowing used to fund its expansion.

Several planned listings have also been withdrawn or paused, including those involving companies backed by Blackstone, Nvidia and SoftBank. Nuclear services company Holtec withdrew its planned US listing last month, citing uncertainty largely linked to demand from data centers.

Companies in the Philadelphia Semiconductor Index, which investors use to track major semiconductor businesses and gauge demand linked to AI, lost $1.6 trillion in market value in less than two weeks, according to the report.

For OpenAI, completing the fundraising quickly could help secure capital before Anthropic's expected listing intensifies competition for investors. However, the outcome will depend on investor commitments and market conditions as both companies seek funding to support their ambitious growth plans.