OpenAI is accelerating efforts to secure about $30 billion in fresh capital before rival Anthropic’s expected public listing in mid-November, according to Reuters. The fundraising could value the ChatGPT maker above $1.4 trillion, compared with $852 billion in March, as it races to lock in commitments from sovereign wealth funds and long-term institutional investors.
The timing is strategic. OpenAI and Anthropic are courting the same pool of backers, and an Anthropic IPO would give investors a public benchmark for comparing the two AI companies. Edward Best of Willkie Farr & Gallagher told Reuters that OpenAI may want to “set its own valuation and not have to worry about a comp.” Existing OpenAI investors SoftBank and Abu Dhabi’s MGX are in discussions to participate, though commitments have not been finalized.
OpenAI is pointing to rapid revenue growth: annualized revenue reportedly reached $50 billion after the launch of GPT-6 Astra and could rise to $70 billion by year-end. Anthropic, meanwhile, reported an annualized rate near $65 billion in July, with third-quarter revenue of $16.8 billion, up from $11.6 billion the previous quarter. The figures are not directly comparable because of accounting differences in how partner-related and cloud-provider revenue is recorded.
The push comes amid rising investor caution over AI infrastructure financing. Bond yields, volatile tech stocks, and questions about data-center debt have pressured sentiment. CoreWeave’s shares and debt prices fell sharply, while several IPOs and listings—including AirTrunk REIT, Firmus, SB Energy, and Holtec—have been withdrawn, paused, or scrapped.
OpenAI needs new capital for infrastructure commitments and is also preparing for a possible IPO in 2027. The accelerated round could provide both cash and a valuation benchmark, but the timing remains risky if Anthropic’s disclosures change how investors price AI businesses.
