OpenAI Is Racing to Raise $30 Billion Before Anthropic Goes Public

TLDR

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OpenAI is reportedly seeking $30 billion in new funding at a valuation above $1.4 trillion.
SoftBank Group and MGX, both current backers, are said to be in talks to join.
OpenAI told investors its annualized revenue is near $50 billion and could hit $70 billion by year-end.
Anthropic’s third quarter revenue rose to $16.8 billion from $11.6 billion in the second quarter.
Anthropic is expected to list in mid-November, while OpenAI has pushed its IPO plans to 2027.

OpenAI is working to lock in about $30 billion in new funding, Reuters reported on Monday. The report cited people familiar with the matter.

OPENAI IS REPORTEDLY RACING TO RAISE MONEY BEFORE ANTHROPIC'S IPO
The round could value the ChatGPT maker at over $1.4 trillion
OpenAI is trying to lock in investor commitments for a round of about $30 billion before Anthropic's expected public debut in mid-November, per… pic.twitter.com/2pHmAczcM4
— IPO Newsroom (@IPONewsroom_) October 19, 2026

The round could value the ChatGPT maker at more than $1.4 trillion. SoftBank Group and Abu Dhabi-based MGX, both current backers, are said to be in talks.

The timing is tied to rival Anthropic, which is expected to go public in mid-to-late November. OpenAI wants commitments in hand before that happens.

What Is Driving the Fundraising

Both companies are courting many of the same investors, including sovereign wealth funds and large institutions. Reuters said an earlier close could help OpenAI before investors turn their attention to Anthropic.

Anthropic’s financial disclosures could also invite direct comparisons between the two firms. OpenAI may want to raise money before that scrutiny begins.

OpenAI also has heavy costs ahead. The Financial Times previously reported the company could burn nearly $280 billion by 2030.

The company was valued at $852 billion in March after raising $122 billion. The new target sits well above that mark.

Market conditions are uneven. Technology stocks have been volatile, bond yields are rising, and investors are watching the debt used to fund AI infrastructure.

Revenue and IPO Plans

OpenAI is telling investors its annualized revenue reached nearly $50 billion at the end of September. It expects that to hit $70 billion by year-end, one source said.

The company links its faster growth to the launch of its GPT-6 Astra model.

Anthropic’s quarterly revenue rose to $16.8 billion in the third quarter from $11.6 billion in the second. Slower monthly growth has raised questions about its valuation.

Reuters previously reported that Anthropic’s annualized revenue reached roughly $65 billion by July.

OpenAI has ruled out an IPO in 2026, and its plans have reportedly moved to 2027 over AI safety concerns. In June, CEO Sam Altman said the company would not rush until it could “make confident safety decisions.”

Anthropic CEO Dario Amodei has repeatedly urged tech firms and governments to slow AI development. The company’s reported draft prospectus warns of “catastrophic or existential risks to humanity.”

Altman has said OpenAI could consider going public after it better understands how to manage the next stage of AI development.

As of Monday’s report, OpenAI is still seeking about $30 billion, and Anthropic’s expected debut is weeks away.