OpenAI seeks $30 billion funding at $1.4 trillion valuation ahead of Anthropic IPO

OpenAI is pressing forward with a $30 billion fundraising round to attain a $1.4 trillion valuation, just ahead of Anthropic's anticipated IPO in mid-November, according to sources familiar with the situation. The rapid fundraising pace aims to outpace Anthropic, as the two leading AI labs vie for a similar investor base, the sources explained.

SoftBank Group, MGX, and other existing OpenAI backers are expected to join the round, which could surpass the company's previous $852 billion valuation from March. OpenAI is looking to capitalize on its recent revenue growth, with its GPT-6 Astra model reportedly driving annualized revenue to $50 billion, with projections reaching $70 billion by year-end.

The company has also reduced prices for certain models, boosting usage and cutting costs, while Anthropic's annualized revenue reached around $65 billion as of July. OpenAI aims to finalize the fundraising before Anthropic's financial disclosures, which could prompt investors to question OpenAI's CFO, Sarah Friar, about revenue growth and financial outlook.

The funding round is expected to move faster than usual for an AI company of this size, with investors facing the challenge of evaluating and allocating capital to two competing offerings within a short timeframe.