OpenAI Races $30B Funding Round Ahead of Anthropic IPO
Reuters reports OpenAI is racing to close a $30B funding round at over $1.4T valuation before Anthropic's mid-November IPO, with SoftBank and MGX in talks.
OpenAI is racing to lock in investor commitments for a new funding round before its biggest rival, Anthropic, goes public in mid-November, according to a Reuters exclusive. The round, worth about $30 billion, could value the ChatGPT maker at more than $1.4 trillion - a stunning jump from the $852 billion valuation it carried in March.
The biggest AI money race yet
Two people familiar with the matter told Reuters that OpenAI is moving much faster than is usual for a deal of this size. SoftBank Group, Abu Dhabi-based MGX, and other existing backers are in talks to join the round, one source said. Last week, OpenAI held meetings with long-term investment funds and sovereign wealth funds - the same week Anthropic was hosting its own investor day. Both companies are chasing trillion-dollar valuations and drawing from a similar pool of investors, so each is trying to get in first. OpenAI and SoftBank declined to comment, while Anthropic and MGX did not immediately respond.
Why the hurry
The timing is no accident. Anthropic is expected to list in mid-November, and once it does, its financials will be public - which means investors could start comparing the two labs' numbers side by side. Sources say OpenAI wants its round closed before that happens, partly to lock in capital that might otherwise flow into Anthropic's IPO and partly to avoid unfavorable comparisons. The rush also reflects nervous markets: rising interest rates, volatile tech stocks, and growing doubts about sky-high AI valuations. OpenAI wants to capitalize on its recent revenue growth after launching new models, including GPT-6 Astra.
The money math
The numbers behind the round are enormous. In March, OpenAI closed a $122 billion round at an $852 billion valuation. The new round would lift that by more than 60 percent. Reports say OpenAI has told investors that its annualized revenue has reached $50 billion and could climb to $70 billion by year-end. But investors familiar with the company also say the money is needed to fund OpenAI's huge infrastructure commitments - the data centers and chips the AI buildout requires - and to strengthen its balance sheet in case a shaky IPO market delays OpenAI's own planned listing in 2027.
Why it matters
This is the AI industry's biggest capital fight playing out in the open. Never before have two frontier AI labs raised record amounts within days or weeks of each other, forcing the world's biggest investors to pick sides and split their bets. The outcome will shape how much each company can spend on chips, data centers, and talent in the next phase of the AI race - and how the market judges which lab is actually worth a trillion dollars.