OpenAI Pursues $30 Billion Raise at $1.25 Trillion Valuation Ahead of IPO

Coatue is leading the round, with investors in the United Arab Emirates participating. The terms are still being negotiated and could change, and the UAE funding could be tied to a deal to secure more computing capacity for OpenAI from the UAE. OpenAI declined to comment.

An earlier report described a similar $30 billion raise at a $1.4 trillion valuation, suggesting the discussions have moved on price.

If the round closes above $1 trillion, OpenAI would become the most valuable private company on record. That valuation would also set a higher bar for its forthcoming initial public offering. OpenAI filed confidential paperwork for an IPO in June.

Its most recent raise, in March, valued the ChatGPT maker at $852 billion post-money.

The valuation debate extends to rival Anthropic, which is reportedly seeking a $1.5 trillion to $2 trillion valuation for its own public debut. Rumors suggest Anthropic’s public S-1 filing could arrive any day.