OpenAI is working on a roughly $30 billion round at a $1.25 trillion valuation, Bloomberg Technology reported, with Bloomberg News reporter Rebecca Torrance detailing the talks. The figure is $150 billion below the $1.4 trillion price discussed earlier, Torrance said, while the total round size is holding steady from late September.
Investors are driving the deal more than the company is.
Torrance said Coatue Management is in talks to co-lead the round alongside entities from the United Arab Emirates, a pairing previously reported. She said the capital would serve as a bridge to an OpenAI IPO 2026 at the earliest after an earlier plan to list this year slipped, noting the company still faces large compute commitments even though much of its prior raise remains on the balance sheet. Sarah Fraher did not confirm a new raise when asked around Dev Day but told Torrance the market demands companies do one, and Sam Altman discussed timing with the outlet as well.
Torrance put Anthropic's last private valuation at $965 billion against OpenAI's $852 billion, and said the new OpenAI round would make it the highest-valued private tech company if completed. That lead could be short lived, she said, because Anthropic is expected to go public as soon as November, which would leave OpenAI alone at the top of the private list.
OpenAI filed confidential paperwork for an IPO in June after its March raise valued it at $852 billion post-money, according to TechCrunch, a detail not in the broadcast but consistent with the bridge narrative.
The $1.25 trillion figure is a negotiated target, not a closed price, and it reflects broader price sensitivity Torrance flagged. If demand firms, the discount could shrink; if not, the OpenAI IPO 2026 window remains the check on how investors value the compute bill.
