OpenAI is seeking about US$30 billion in funding that could value it at more than US$1.4 trillion before rival Anthropic’s expected mid-November initial public offering, according to two people familiar with the matter.

SoftBank Group, Abu Dhabi-based MGX, an investment firm focused on AI, and other existing backers are in talks to join the round, one source said.

OpenAI wants to complete the fundraising before Anthropic’s financial disclosures invite closer comparisons with the rival AI developer, which is already pursuing an IPO.

Investor expectations for Anthropic’s IPO valuation have cooled because of concerns about revenue growth.

MGX raised US$49 billion for an AI-focused fund this year.

Investors familiar with OpenAI said the company also needs capital for infrastructure commitments and to support its balance sheet if market conditions delay its planned 2027 listing.

OpenAI, Oracle, and SoftBank expanded Stargate with five new sites, and OpenAI separately announced structural changes in May 2025.

🔗 Source: Reuters

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