The Pulse
OpenAI Weighs Funding Round Above $1.2 Trillion Valuation
OpenAI is holding early talks with investors about a funding round that could value the ChatGPT maker above $1.2 trillion. The discussions come after CEO Sam Altman said the company will not pursue an initial public offering in 2026.
AI.info Team ·
OpenAI is discussing a new funding round at a valuation above $1.2 trillion, a price that would put the ChatGPT maker roughly 41% above the $852 billion valuation attached to its latest financing in March. Bloomberg reported on September 15 that the company is in early talks with investors, though no deal has been agreed and the size of the proposed investment remains undisclosed.
The talks were initiated by investors rather than OpenAI, according to a person familiar with the discussions cited by Bloomberg. Whether the company proceeds will depend in part on when it decides to pursue an initial public offering.
The proposed valuation would mark a sharp increase from OpenAI’s most recent official financing. In a March 31 announcement, OpenAI said it had closed a round with $122 billion in committed capital at an $852 billion post-money valuation.
OpenAI’s private valuation moves ahead of its IPO timetable
OpenAI’s funding discussions come days after Chief Executive Officer Sam Altman said the company will not go public in 2026. Altman told Fortune that the timing was unsuitable while OpenAI and the broader technology sector faced demanding safety and alignment work.
“Right now would be an ill-advised moment to go public.”
Sam Altman, chief executive, OpenAI
Altman also said OpenAI had “a lot of stuff to do” and that the company could remain private while it worked with governments and other companies on safety questions. The comments removed an immediate public-market deadline, but they also leave investors measuring the company against private financing terms that could now exceed $1 trillion.
The March round gave OpenAI an $852 billion benchmark
OpenAI’s March financing was designed to support spending across models, products and computing capacity. The company said Amazon, Nvidia and SoftBank anchored the round, with Microsoft continuing as a long-term partner. OpenAI also said it had expanded an existing revolving credit facility to approximately $4.7 billion, although the facility was undrawn when the round closed.
The company described its commercial base in unusually large terms. OpenAI said it was generating $2 billion in monthly revenue, had more than 900 million weekly ChatGPT users and was processing more than 15 billion API tokens per minute. Those figures are company disclosures rather than independently audited results, but they help explain why investors are willing to discuss a valuation far above the March level.
Capital needs remain equally significant. OpenAI’s own financing announcement described access to computing power as a central part of its expansion strategy and listed Microsoft, Oracle, Amazon Web Services, CoreWeave and Google Cloud among its infrastructure partners. A new private round would give the company additional cash while it delays the public offering that could eventually provide a broader source of funding.
Later reports point to a possible $1.5 trillion target
A Forbes report published September 16 said later reporting from The New York Times and The Wall Street Journal described a higher valuation discussion. Forbes said investors had approached OpenAI at $1.2 trillion, while the company was seeking as much as $1.5 trillion.
That higher figure is not part of Bloomberg’s initial account, which describes a valuation above $1.2 trillion and does not disclose a target ceiling. The terms therefore remain preliminary, with no confirmed amount, lead investor or closing date.
Investors face a private-market decision before any listing
The timing creates a narrow choice for potential backers. A private round could give investors exposure to OpenAI before an eventual listing, but it would also require them to accept a valuation that is materially higher than the company’s latest completed financing while the IPO schedule remains open.
OpenAI, meanwhile, can use the talks to test demand without committing to a public filing. The immediate question is not whether investors will discuss a valuation above $1.2 trillion; Bloomberg’s reporting establishes that they are. The unanswered questions are how much money OpenAI wants, whether investors will accept the price and whether the company’s next major financing happens before its IPO or replaces it for the time being.