OpenAI seeks faster $30 billion fundraising ahead of Anthropic listing

OpenAI is seeking commitments for about $30 billion in new funding before rival Anthropic’s expected IPO in mid-November, two people with knowledge of the matter said. The ChatGPT developer could be valued at more than $1.4 trillion through the financing.

The people said competition for overlapping sources of capital partly explains the timetable. One said existing investors, including SoftBank Group and Abu Dhabi-based MGX, were discussing joining the round. OpenAI has also held meetings with sovereign wealth funds and long-only funds.

One person said OpenAI wants to close the round before Anthropic provides financial disclosures that would allow investors to examine the rivals more closely. Investors familiar with OpenAI said it needs funds for infrastructure commitments and a stronger balance sheet in case worsening IPO conditions push back its planned 2027 listing.

In presentations to investors, OpenAI said revenue on an annualized basis had reached $50 billion after its GPT-6 Astra launch, according to one person. The company expects that measure to reach $70 billion by year-end. Anthropic separately told investors that third-quarter revenue reached $16.8 billion, up from $11.6 billion in the preceding quarter.

Bankers and investors said volatility and falling AI stocks have led some companies to defer listings or schedule private fundraising away from Anthropic’s anticipated debut. OpenAI’s previous funding round, in March, brought in $122 billion at a valuation of $852 billion.

OpenAI and SoftBank declined to comment, while requests for comment drew no immediate response from Anthropic or MGX.