OpenAI is working on a private funding round of up to USD 30 billion at a pre-money valuation of USD 1.25 trillion, according to sources cited by CNBC. The round is reportedly led by Coatue alongside investors in the UAE. The move suggests that the ChatGPT developer is pursuing another large private raise rather than moving directly to an initial public offering (IPO). At the moment, OpenAI declined to comment on the reports.
Terms remain under negotiation
The latest figures differ from a Bloomberg report published in late September 2026, which stated that OpenAI was seeking USD 30 billion at a valuation of USD 1.4 trillion. While the target amount is consistent across both reports, the valuation reported by CNBC is USD 150 billion lower. Both outlets have indicated that terms are still being negotiated and could change before the round is finalised.
CNBC also reported that the UAE investment could be paired with an agreement to secure additional computing capacity for OpenAI from the UAE. Such an arrangement would combine equity financing with access to infrastructure within a single deal.
Valuation trajectory and IPO preparations
If completed at a valuation above USD 1 trillion, the round would set a new record for a privately held company. It would also mark a significant step up from OpenAI’s previous raise in March 2026, which valued the company at USD 852 billion post-money. On the reported pre-money figure, the implied increase is approximately 47% in around seven months.
The new round would come after OpenAI filed confidential paperwork for an IPO in June 2026. A higher private valuation would, in turn, raise the threshold for the company’s eventual public listing, as public market investors would be expected to support a valuation at or above the level set in private markets.
Implications for Anthropic’s listing plans
The size of OpenAI’s valuation could also affect the IPO plans of Anthropic, whose listing is widely expected to come first. Market speculation suggests that Anthropic’s public S-1 filing could be released imminently, and CNBC reports that the company is seeking a valuation of between USD 1.5 trillion and USD 2 trillion for its public debut.
Anthropic raised USD 65 billion at a USD 965 billion valuation in May 2026, in a round that was viewed at the time as likely to be its final major private raise before going public. The company also filed confidential IPO paperwork in June 2026, placing the two AI developers on closely aligned timelines.
With both companies preparing for public listings in the same period, the valuations agreed in OpenAI’s current round and achieved in Anthropic’s IPO are likely to serve as reference points for one another.
