OpenAI Is Racing To Raise $30 Billion Before Anthropic’s IPO. Its Valuation Could Cross $1.4 Trillion.

OpenAI is accelerating efforts to raise roughly $30 billion from investors ahead of rival Anthropic's expected stock market debut in November, a fundraising push that could value the ChatGPT maker at more than $1.4 trillion as competition between the artificial intelligence companies extends to Wall Street.

The company is trying to secure investor commitments before Anthropic's anticipated initial public offering in mid-November, Reuters reported Tuesday, citing two people familiar with the matter. Both companies are seeking capital from many of the same institutional investors, creating pressure to attract funding before their rival does.

SoftBank Group, Abu Dhabi-based investment firm MGX and other existing OpenAI backers are discussing participation in the new round, according to the report. OpenAI met with long-term investment funds and sovereign wealth funds last week, while Anthropic was holding its own investor presentation.

The talks are taking place just months after OpenAI completed one of the largest private funding rounds on record. In March, the company announced $122 billion in committed capital at a post-money valuation of $852 billion, according to its official funding announcement.

A valuation exceeding $1.4 trillion would represent an increase of at least 64% from that level, although the latest fundraising remains under discussion.

OpenAI is presenting investors with an updated picture of its business following the release of its GPT-6 Astra model, which it credits with accelerating revenue growth.

The company has reached approximately $50 billion in annualized revenue and expects that figure to climb to $70 billion by the end of 2026, Reuters reported, citing a person familiar with its investor discussions.

Annualized revenue represents the yearly pace implied by a company's more recent sales rather than revenue already earned over a full year. OpenAI's latest figures have not been independently confirmed through public financial statements.

The company has also been promoting lower prices for some of its AI models as it seeks to expand usage. In September, OpenAI announced that it was cutting API prices for its GPT-6 Sol and Luna models by 50% compared with promotional prices for their GPT-5.6 predecessors.

The changes followed the launch of GPT-6 Astra, which OpenAI introduced in September with enhanced capabilities for software development, computer use and professional work.

Anthropic, meanwhile, has been reporting substantial revenue growth of its own. Its third-quarter revenue reached $16.8 billion, up from $11.6 billion in the second quarter, according to financial information presented to investors and reported by Reuters.

The Claude developer had reached an annualized revenue rate of approximately $65 billion by July. However, slowing month-to-month growth has raised questions among some investors about the company's proposed valuation.

Some investors have argued that Anthropic should debut at a valuation closer to $1.5 trillion rather than the $2 trillion previously sought, after its third-quarter financial performance fell short of expectations, Reuters reported last week.

OpenAI, which is targeting a potential public listing in 2027, also faces substantial financial commitments tied to the infrastructure required to train and operate advanced AI systems.

The company has told potential investors that fresh capital would help finance those commitments and strengthen its balance sheet if weaker stock market conditions delay its own IPO, according to Reuters.

Concerns about borrowing costs and the scale of AI infrastructure spending have already affected publicly traded companies associated with the sector.

AI cloud provider CoreWeave has faced increased scrutiny over its debt-financed expansion, with its shares and bonds coming under pressure last week as investors reassessed risks surrounding the financing of large data centers.

The uncertainty has also disrupted other planned public offerings. Blackstone-backed AirTrunk REIT, Nvidia-backed Firmus and SoftBank-backed SB Energy have either postponed or withdrawn listing plans, Reuters reported.

Several companies preparing to enter the public market have chosen to avoid competing directly with Anthropic's expected debut for investor demand.

The rival AI developers are also continuing to expand their businesses ahead of their potential listings. On October 18, Anthropic announced plans to commit an initial 5% of its shares, subject to stockholder approval, to a new public benefit fund intended to support projects addressing the effects of artificial intelligence.