OpenAI is trying to secure investor commitments for a private fundraising round of about $30 billion before rival Anthropic’s expected public-market debut in mid-November 2026, Reuters reported on Oct. 19, citing two people familiar with the matter. The round could value OpenAI above $1.4 trillion. SoftBank Group, Abu Dhabi-based MGX and other existing backers are in talks to join, one of those people said. Talks are not commitments, and the valuation is not an agreed price.
The timetable partly reflects a desire to get ahead of Anthropic as the two companies approach a similar pool of investors, the people told Reuters. OpenAI met with long-only funds and sovereign wealth funds in the week before the report, while Anthropic held an investor day. One person said OpenAI also wants to finish raising money before Anthropic’s financial disclosures give investors more to compare.
The pitch behind the proposed round
According to one of Reuters’ sources, OpenAI has told prospective investors that it reached $50 billion in annualized revenue and expects that figure to rise to $70 billion by the end of 2026. Those figures are part of its investor pitch; the $70 billion figure is a forecast, not revenue already earned. Reuters also reported that OpenAI was last valued at $852 billion in March, after a $122 billion funding round.
Investors familiar with OpenAI told Reuters that it needs capital for infrastructure commitments and to strengthen its balance sheet if a weaker IPO market further delays its planned 2027 listing. That is a plan, not a fixed listing date. OpenAI and SoftBank declined to comment to Reuters; Anthropic and MGX did not immediately respond to its requests for comment.
