OpenAI nears $30 billion raise at a $1.25 trillion valuation, reports say

OpenAI is in the final stages of talks to raise around $30 billion at a $1.25 trillion valuation, Bloomberg reported on 22 October 2026, citing people familiar with the matter [2]. CNBC reported similar terms and called the round a bridge ahead of a potential IPO [3]. OpenAI has not confirmed the figures [4].

What are the reported terms?

Bloomberg reports that OpenAI is now targeting a $1.25 trillion valuation, down $150 billion from $1.4 trillion. The people told Bloomberg that the talks are ongoing and details could change [2].

CNBC reports that OpenAI is raising up to $30 billion at a $1.25 trillion pre-money valuation, a figure that excludes the new capital [3]. CNBC reports that investors from the UAE and Coatue are leading the round of up to $30 billion. According to CNBC, the financing is being positioned as an opportunistic bridge ahead of a potential IPO [3].

OpenAI told investors on Thursday that it aims to secure signatures by the end of next week, while the final size of the round is still being determined, CNBC reports [3]. Citing one person, CNBC adds that OpenAI is negotiating a commercial deal for more computing capacity from the UAE [3]. OpenAI declined to comment to TechCrunch [4].

How does this compare with OpenAI's last round?

OpenAI said in March 2026 that it had closed a $122 billion round at an $852 billion post-money valuation. OpenAI said that round was anchored by Amazon, NVIDIA and SoftBank, with continued participation from Microsoft, and listed Coatue among the other participants [1].

At the time, OpenAI said it was generating $2 billion in revenue per month [1]. TechCrunch notes that a valuation above $1 trillion would make OpenAI the most valuable private company ever [4].

What does the raise mean for an OpenAI IPO?

OpenAI confidentially filed its prospectus with the SEC in June but has not disclosed when it plans to list, according to CNBC [3]. CNBC reports that CFO Sarah Friar told employees in August that OpenAI will be a public company in 2027 [3].

The following month, CEO Sam Altman said that right now would be an ill-advised moment to go public, CNBC reports [3]. Rival Anthropic is reportedly seeking a valuation of $1.5 trillion to $2 trillion in its own offering, according to CNBC [3].

Our read

Opinion: Trimming the target by $150 billion is the first visible sign that even OpenAI's backers have a price ceiling. A private bridge at $1.25 trillion buys time, but it also sets the bar the eventual IPO has to clear, and if Anthropic's IPO comes first, public investors will get to compare the two directly.

What we could not verify

• The round size, valuation and lead investors; OpenAI has not confirmed them and declined to comment to TechCrunch.
• Whether OpenAI secures signatures by the end of next week, as CNBC reports it told investors.
• The terms of the reported UAE computing-capacity deal, which CNBC attributes to a single person.
• The full Bloomberg report, which is paywalled; we relied on its public summary and on CNBC and TechCrunch.