OpenAI seeks to accelerate fundraising ahead of Anthropic IPO, sources say

OpenAI is moving swiftly to secure investor commitments before Anthropic's anticipated IPO in mid-November, aiming to value the ChatGPT maker at over $1.4 trillion, according to sources. The rapid fundraising reflects a desire to surpass Anthropic in a competitive landscape where both AI developers are eyeing trillion-dollar valuations.

Major investors like SoftBank Group and MGX are in talks to join the round of about $30 billion. OpenAI's acceleration underscores the intense competition for capital, as both companies navigate rising interest rates, stock volatility, and regulatory scrutiny. OpenAI's leadership is pushing for the funding to bolster infrastructure and bolster the balance sheet ahead of its 2027 planned listing.

Investors face the challenge of evaluating both companies simultaneously, leading some to view OpenAI's financing push as a strategic move to secure resources before Anthropic's IPO. OpenAI is highlighting its recent revenue growth after launching new models and cutting prices on cheaper offerings, projecting annualized revenue of $70 billion by year-end.

The fundraising push comes as other AI companies delay their IPOs, wary of competing for investor attention amid market uncertainty and valuation concerns.