OpenAI seeks $30bn at a $1.4tn valuation as revenue nears $70bn

OpenAI is in early talks to raise at least $30bn at a valuation of around $1.4tn, before the new money. Bloomberg and The Information reported the talks on Tuesday. The round would give the ChatGPT maker fresh capital after it pushed back its stock market listing.

Rebecca Torrence, Edward Ludlow and Shirin Ghaffary reported for Bloomberg that the round is meant as a bridge, in place of an IPO. The talks are early and the terms could change, according to people familiar with the matter. One of them said investors are leading the demand. OpenAI declined to comment to Bloomberg.

Valida Pau of The Information reported that OpenAI has not yet signed a term sheet with any investor. It described the deal as a pre-IPO round, ahead of a listing expected in 2027.

The OpenAI valuation since March

OpenAI raised $122bn in March at a valuation of $852bn, including the new money, Bloomberg reported. On 15 September, Bloomberg reported that the company was considering a round at $1.2tn. SoftBank, one of the March investors, is reportedly raising about $11bn in bonds to cover its next OpenAI payment.

A $1.4tn valuation could put OpenAI back above Anthropic’s latest private valuation, according to Bloomberg. Both companies have filed confidentially to go public, and Anthropic could list as soon as this autumn. Its prospectus shows Anthropic lost $42bn in 2025, Reuters reported this week.

Sam Altman has said OpenAI will not go public this year. He told Bloomberg TV on Tuesday that the company is adjusting to a new level of AI capability. It also has to meet the safety requirements that come with it.

“We just want to get our feet under us and make sure we understand how to operate in this new way, [and] be able to make some of these decisions in front of us without the pressure of being a newly public company,” Altman said.

He added that he believes investors will be “patient”. On Monday, OpenAI said it had cancelled the launch of GPT-6.1 Astra. The model failed its internal safety tests.

A revenue run rate near $70bn

OpenAI’s annualised revenue run rate is nearing $70bn, Madison Mills of Axios reported on Tuesday, citing sources familiar with the financials. The run rate has grown more than 70% since the start of the third quarter. Business revenue has more than doubled in that time.

On the consumer side, OpenAI added more revenue in the third quarter than it added in all of 2025, Axios reported. Axios could not learn OpenAI’s expenses. Bloomberg reported in August that the run rate had topped $40bn.

A source confirmed the figures to Reuters. Reuters noted that a run rate often multiplies one month’s revenue by 12. Shares of Oracle, which supplies OpenAI with computing capacity, were 5.3% higher on Tuesday, Reuters reported.

“Oracle’s fate is largely tied to the success of OpenAI, which represents around half of its compute backlog,” Gil Luria, managing director at D.A. Davidson, told Reuters.