OpenAI rushes $30 billion funding round before Anthropic IPO
OpenAI seeks investor commitments ahead of Anthropic's expected November stock market debut, targeting a valuation above $1.4 trillion.
KEY POINTS
- OpenAI is accelerating fundraising before Anthropic's expected mid-November IPO
- The round could value OpenAI at over $1.4 trillion and is about $30 billion
- SoftBank, MGX and other existing backers are in talks to join
- OpenAI cites $50 billion annualized revenue, targeting $70 billion by year-end
- OpenAI and SoftBank declined to comment; Anthropic and MGX did not immediately respond
OpenAI is racing to secure investor commitments before rival Anthropic's expected public market debut in mid-November. The unusually fast fundraising could value the ChatGPT maker at over $1.4 trillion.
SoftBank Group, Abu Dhabi-based MGX and other existing OpenAI backers are in talks to join the round of about $30 billion. OpenAI held meetings with long-only funds and sovereign wealth funds last week while Anthropic hosted its own investor day.
“Some investors view OpenAI's financing push as an effort to lock in capital from funds that might otherwise devote more of their resources to Anthropic's IPO.”
OpenAI says growth accelerated after launching its GPT-6 Astra model, reaching $50 billion in annualized revenue and expecting $70 billion by year-end. The company also needs capital for infrastructure commitments and to bolster its balance sheet if IPO market deterioration delays its planned 2027 listing.
Some investors see the financing push as an effort to lock in capital that might otherwise go to Anthropic's IPO. OpenAI and SoftBank declined to comment, while Anthropic and MGX did not immediately respond to requests for comment.
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