OpenAI reportedly in talks to raise $30B at $1.4 trillion valuation

OpenAI is negotiating with investors to raise at least $30 billion at a valuation of around $1.4 trillion, according to a Bloomberg report relayed by TechCrunch. The financing would be a pre-IPO round, and Bloomberg characterises it as a bridge to a public listing that investors now expect next year.

What the report says

TechCrunch, citing Bloomberg, reports that OpenAI is discussing a round of at least $30 billion with investors who want exposure to the ChatGPT maker before it goes public. The new capital would act as a bridge to that offering rather than a conventional growth round, according to Bloomberg. OpenAI did not respond when TechCrunch asked for comment, and as with any negotiation, the reported terms could shift or dissolve before anything is signed.

Revenue momentum behind the valuation

The investor interest appears tied to a recent acceleration in OpenAI's business. According to the report, the company's run-rate revenue has climbed about 70% since July, reaching roughly $40 billion in August, helped by a strategic refocus on core areas such as coding. The report also notes that Anthropic, OpenAI's chief rival, briefly pulled ahead of it at the start of the year before OpenAI regained its position.

A change of plan on going public

The talks represent a shift from the company's earlier roadmap. In March, OpenAI raised $122 billion at an $852 billion valuation, in what was meant to be its final private fundraise before an IPO that had been expected this year. CEO Sam Altman has since ruled out a public debut in 2026, saying the company needs to prioritise AI safety work first. In a recent interview with Fortune, Altman said it would be unacceptable to accept what he framed as something like a 10% chance of a catastrophe that kills everyone by the end of the decade, responding to safety researchers who have warned that AI could pose an existential risk to humanity.

With the listing pushed back, the new round would supply private capital in the meantime, matching Bloomberg's description of it as a bridge financing.

Why it matters

A valuation near $1.4 trillion would sit roughly 64% above the $852 billion figure from March, showing how sharply expectations around OpenAI have escalated in about six months. For the wider AI sector, a raise of this scale would confirm that investor appetite for leading labs remains enormous despite ongoing debates over safety, competition from rivals such as Anthropic, and the economics of foundation models. The structure of the deal also signals timing: rather than rushing to public markets, OpenAI appears willing to keep raising privately, at ever-higher valuations, while it works through safety commitments and continues to grow revenue. For anyone tracking when the industry's most valuable company finally lists, the practical takeaway is that an IPO now looks like a next-year event at the earliest, with this round designed to carry the company until then.