OpenAI is seeking to raise $30 billion in a new funding round to boost its valuation to over $1.4 trillion. The company aims to secure these funds before its competitor, Anthropic, proceeds with its initial public offering, which is expected in mid-November.
The company is currently in negotiations with existing shareholders, including SoftBank and the investment firm MGX. OpenAI recently held meetings with sovereign wealth funds and long-term investors to expedite the capital-raising process, which is intended to support infrastructure development.
OpenAI reported that its annualized revenue reached $50 billion following the launch of the GPT-6 Astra model and is projected to hit $70 billion by the end of the year. The company is also considering further price reductions for its AI models to maintain growth.
Anthropic reported annualized revenue of $65 billion as of late July, with quarterly figures showing growth from $11.6 billion in the second quarter to $16.8 billion in the third. Some investors have expressed concerns regarding the pace of this growth.
OpenAI intends to complete its funding round quickly to avoid direct financial comparisons with Anthropic as the latter approaches its IPO. OpenAI currently plans to go public in 2027, provided market conditions remain favorable.
