OpenAI wants to name its price before Anthropic’s stock market debut tells everyone what a rival is worth.
The ChatGPT maker is seeking about $30 billion in fresh funding at a valuation exceeding $1.4 trillion, Reuters reported, citing people familiar with the matter. The company is reportedly accelerating the fundraising ahead of Anthropic’s expected mid-November IPO, as both AI developers compete for capital from major institutional investors.
Existing backers, including SoftBank Group and Abu Dhabi-based MGX, are discussing participation. OpenAI has also met with long-term investment funds and sovereign wealth funds as Anthropic courts investors ahead of its anticipated listing.
The accelerated schedule reflects competition for capital from many of the same institutional investors. OpenAI is also looking to complete the fundraising before Anthropic’s financial disclosures provide investors with more information to compare the companies.
Edward Best, co-chair of capital markets at Willkie Farr & Gallagher, told Reuters: “OpenAI could want to set its own valuation and not have to worry about a comp (comparison).”
Neither OpenAI nor SoftBank commented to Reuters, while Anthropic and MGX did not immediately respond.
Revenue growth faces a tougher valuation test
OpenAI is telling investors that its annualized revenue reached $50 billion following the launch of its GPT-6 Astra model, with the company expecting that figure to reach $70 billion by year-end, according to Reuters.
The company has also reduced prices for cheaper AI models, saying the cuts have increased usage. Further price reductions could attract more customers, but investors will want to know whether greater usage can translate into sustainable revenue and profits.
Anthropic presents a formidable comparison. Its annualized revenue reached roughly $65 billion by July, Reuters previously reported. The company also told investors that quarterly revenue rose to $16.8 billion in the third quarter from $11.6 billion in the second.
However, slowing monthly growth has raised concerns about Anthropic’s valuation. Some investors reportedly favor a valuation closer to $1.5 trillion for its IPO, rather than the $2 trillion the company has sought.
The companies also report revenue differently, complicating direct comparisons. OpenAI deducts certain partner shares before reporting revenue, while Anthropic includes the full value of some contracts sold through third-party cloud providers.
Anthropic maintains that its accounting follows established practices, but the differences mean headline revenue figures may not reflect equivalent economic activity.
Market uncertainty adds pressure to OpenAI’s fundraising
OpenAI is seeking additional capital to support its substantial infrastructure commitments and strengthen its balance sheet ahead of a potential 2027 IPO. The funding could provide greater financial flexibility if market conditions delay its public listing.
Investors have grown more cautious as rising bond yields, volatile technology stocks and concerns about AI infrastructure spending weigh on valuations. Cloud provider CoreWeave has faced pressure over nearly $50 billion in borrowings used to finance its expansion, while semiconductor companies have suffered significant losses.
The proposed funding round would give OpenAI more financial flexibility, but a valuation above $1.4 trillion would still depend heavily on investors believing its growth can justify the price.
What OpenAI’s funding race means for AI customers and partners
For businesses building products around OpenAI’s models, the fundraising effort raises a practical question: can the company keep expanding AI services while managing the enormous cost of computing infrastructure?
OpenAI’s price cuts suggest that it sees cheaper AI as a way to drive greater adoption. Developers, cloud partners, and enterprise customers could benefit if that strategy continues, particularly as AI becomes more deeply integrated into business applications.
However, additional funding does not guarantee cheaper models, improved reliability, or stronger margins for partners. Those outcomes depend on how effectively OpenAI manages infrastructure costs and converts growing demand into sustainable revenue.
The larger concern is financial resilience. A successful funding round could help OpenAI maintain its expansion plans even if market conditions deteriorate. But pressure to justify a premium valuation could also influence future pricing, infrastructure investment, and partnership decisions.
Anthropic’s IPO may ultimately provide a clearer industry benchmark. Until then, OpenAI is trying to secure its next major financial commitment before the market gets a more transparent look at its closest rival.
For OpenAI, the immediate challenge is securing capital at a valuation that reflects its growth ambitions before public-market comparisons become harder to avoid. Whether investors accept that price may reveal how much confidence remains in the economics of the AI boom.
Also read: Ramp has secured $1.85 billion in new funding, lifting its valuation to $60 billion as annualized revenue surpasses $2 billion.