The Pulse
OpenAI Targets $30 Billion at a $1.4 Trillion Valuation
OpenAI is seeking at least $30 billion in new funding at a reported $1.4 trillion valuation, while delaying a potential IPO. The proposed round would top the $852 billion post-money valuation OpenAI disclosed in March, as its annualized rev
AI.info Team · Written with AI ·
“We’re not rushing into an IPO. I actually think that given everything happening with safety, right now would be an ill-advised moment to go public.”
Sam Altman, OpenAI chief executive
OpenAI is seeking at least $30 billion from investors at a reported valuation of about $1.4 trillion, a fundraising plan that would give the ChatGPT maker fresh capital while it puts off a near-term stock-market debut. The discussions are at an early stage, and the terms could change, according to the reporting. The proposed valuation excludes the new money.
A much higher mark than March’s $852 billion
The $1.4 trillion target would mark a sharp increase from OpenAI’s latest completed financing. On March 31, the company said it closed a round with $122 billion in committed capital at an $852 billion post-money valuation. The new figure would be $548 billion higher, though the comparison is not identical: March’s valuation included the newly raised capital, while the reported $1.4 trillion target does not.
Investor demand is said to be driving the talks. Bloomberg reported earlier in September that OpenAI was considering a round at a valuation above $1.2 trillion, making the new target a further step up from that earlier figure. Neither number represents a completed transaction or a price agreed with investors.
Funding takes the place of a near-term IPO
The proposed round is described as bridge financing, providing capital as OpenAI delays a public listing. Altman said on September 12 that the company would not go public in 2026, citing safety concerns and the timing of an IPO. The fresh financing would allow the company to raise money privately rather than depend on a near-term listing.
OpenAI filed confidentially for an IPO in June, but Altman’s public comments set a different timetable. The company has not announced a new IPO date. A large private round could buy time, while leaving public-market investors without the disclosures that accompany a public filing.
Revenue growth meets a steep valuation test
The funding talks arrive as OpenAI’s business expands. Axios reported on September 29 that its annualized revenue run rate is nearing $70 billion, up more than 70% since the beginning of the third quarter, with enterprise sales more than doubling since July. A run rate annualizes recent revenue; it is not the same as revenue already earned over a full year.
At $70 billion, a $1.4 trillion valuation equals roughly 20 times that annualized revenue figure. That comparison is a snapshot, not a forecast or a measure of profit. OpenAI’s proposed price therefore rests not only on the scale of its current sales, but also on investors’ expectations for growth and the company’s ability to finance its expansion.
The round remains unfinalized
OpenAI’s March raise showed that investors were prepared to commit capital at unprecedented scale: the company reported $122 billion in commitments. The new proposal is much smaller in fundraising terms, at a minimum of $30 billion, but seeks a substantially higher valuation. Its eventual size, price and investor lineup remain unsettled while discussions continue.
That distinction matters: the $1.4 trillion figure is a reported fundraising target, not a completed valuation. The concrete benchmark remains OpenAI’s March announcement—$122 billion in committed capital at an $852 billion post-money valuation.