OpenAI Races to Raise $30 Billion at $1.4 Trillion Valuation Ahead of Anthropic IPO

Why this matters: OpenAI wants to set its own price before Anthropic's public listing gives investors a direct comparison.

October 20, 2026 — OpenAI is accelerating efforts to raise about $30 billion in new funding at a valuation above $1.4 trillion, ahead of rival Anthropic's expected stock market debut in mid-November, according to a Reuters report on October 19 cited by multiple outlets.

Image: Two AI data centre towers racing toward a rising funding chart, symbolising the OpenAI and Anthropic race for capital. Credit: AI-generated illustration / Red Eye Eagle News, original illustration.

Editor's Highlight: This is not a completed deal. No final amount or valuation has been confirmed, and the companies declined to comment or did not respond. What is clear is the timing: OpenAI held meetings with investors last week, just as Anthropic hosted its own investor day.

Table of Contents

• Key Facts
• A Race Timed to Beat a Public Comparison
• Revenue Growth and the Accounting Dispute
• Why Investors Are Getting More Selective
• What the Money Would Be Used For
• Bottom Line
• FAQ
• Sources

Key Facts

Detail	Information
Company raising funds	OpenAI, developer of ChatGPT
Amount sought	About $30 billion, according to Reuters
Target valuation	Above $1.4 trillion, not yet confirmed
Previous valuation	$852 billion in March, after a $122 billion round
Investors in talks	SoftBank Group and Abu Dhabi-based MGX, among existing backers
Rival milestone	Anthropic IPO expected in mid-November
OpenAI revenue pitch	$50 billion annualised, rising to $70 billion by year-end, according to sources
Company comment	OpenAI and SoftBank declined to comment, according to Reuters

A Race Timed to Beat a Public Comparison

Reuters reported that OpenAI met with long-only investment funds and sovereign wealth funds last week. That was the same week Anthropic held its own investor day.

The two companies are courting many of the same institutions. An investor who commits heavily to one may have less room for the other.

Newsroom Focus: Timing is the story — a public Anthropic price would give investors a benchmark to use against OpenAI.

Edward Best, co-chair of capital markets at Willkie Farr & Gallagher, told Reuters that OpenAI could want to set its own valuation and not have to worry about a comparison.

The round is expected to move faster than is typical for a deal of this size, according to people familiar with the matter cited by Reuters. Final terms could still change.

Revenue Growth and the Accounting Dispute

OpenAI is pitching investors on growth after the launch of its GPT-6 Astra model. According to sources cited by Reuters, it has told investors its annualised revenue has reached about $50 billion.

The company expects that figure to reach $70 billion by the end of the year, according to the same reporting. Annualised revenue is a run rate based on recent activity, not audited full-year revenue.

OpenAI has also cut prices for some cheaper models. According to Reuters, the company says lower prices have increased usage.

Anthropic's numbers are also large. Its quarterly revenue rose to $16.8 billion in the third quarter, from $11.6 billion in the second quarter and $4.7 billion in the first, according to Reuters reporting carried by Calcalist and Invezz.

Its annualised revenue had reached about $65 billion by July. Even so, a slowdown in month-to-month growth has raised questions among some investors.

Measure	OpenAI	Anthropic
Latest valuation reference	$852 billion in March; $1.4 trillion sought now	About $1.5 trillion discussed vs $2 trillion sought
Revenue signal	$50 billion annualised, $70 billion expected	$16.8 billion in Q3; about $65 billion annualised in July
Market step	Possible IPO in 2027	IPO expected mid-November

Analysis Note: The two revenue figures are not directly comparable. OpenAI records revenue on a net basis, deducting partners' shares. Anthropic counts the gross value of some contracts sold through third-party cloud providers, and says it follows established accounting practices. OpenAI has accused Anthropic of overstating revenue on that basis; Anthropic has disputed that characterisation.

Why Investors Are Getting More Selective

Both companies are pursuing valuations above $1 trillion. That is happening while investors grow more cautious about tech stocks and infrastructure costs.

Some investors have argued Anthropic's IPO valuation should be closer to $1.5 trillion than the $2 trillion it has sought, according to Reuters. Slower monthly growth is one reason cited.

Pressure is visible elsewhere. CoreWeave, a cloud company serving AI workloads, saw its shares and debt come under pressure last week as investors scrutinised nearly $50 billion in borrowings, according to Calcalist.

Several planned listings have also been pulled or paused, including Blackstone-backed AirTrunk, Nvidia-backed Firmus and SoftBank-backed SB Energy.

Practical Takeaway: Strong revenue growth alone is no longer enough. Investors are now asking harder questions about profit, cash flow, debt and the cost of building data centres.

What the Money Would Be Used For

Frontier AI models need vast computing capacity. Training and running them requires data centres, chips, networking and reliable electricity.

According to Reuters, OpenAI needs capital for those infrastructure commitments. Fresh funding would also strengthen its balance sheet if market conditions delay its planned 2027 IPO.

That does not make the spending risk-free. If model prices fall faster than delivery costs, margins stay under pressure even as usage rises.

Bottom Line

OpenAI's accelerated $30 billion push is a bet that it can lock in capital and a $1.4 trillion-plus valuation on its own terms, before Anthropic's IPO sets a public price for comparison.

Anthropic's listing in mid-November will be the first real market test. Its disclosures on growth, costs and revenue accounting will shape how investors judge both companies.

FAQ

Has OpenAI already raised the $30 billion?

No. Reuters reported that OpenAI is seeking commitments and that backers are in talks. The round has not been announced as completed, and final terms could change.

What valuation is OpenAI seeking?

Above $1.4 trillion, according to Reuters. That would be about 64% higher than its $852 billion valuation in March, after a $122 billion funding round.

Why does Anthropic's IPO matter to OpenAI?

Both companies compete for the same institutional investors. Anthropic's listing would also create a public valuation and financial disclosures that investors could use to compare the two businesses directly.

What revenue is OpenAI telling investors?

About $50 billion on an annualised basis, rising to $70 billion by year-end, according to sources cited by Reuters. Those are run-rate figures the company is pitching, not audited full-year results.

Did the companies comment on the report?

OpenAI and SoftBank declined to comment, according to Reuters. Anthropic and MGX did not respond to requests for comment in the reports carried by Calcalist and Aju Press.

Sources

• Calcalist CTech — OpenAI races to raise $30 billion at $1.4 trillion valuation ahead of Anthropic IPO, Reuters-based report, October 20, 2026: https://www.calcalistech.com/ctechnews/article/0ik7s4qx4
• Invezz — Why OpenAI is racing to raise $30 billion before Anthropic IPO, October 20, 2026: https://invezz.com/news/2026/10/20/why-openai-is-racing-to-raise-30-billion-before-anthropic-ipo/
• Business News Today — OpenAI accelerates $30bn financing as Anthropic prepares for November IPO: https://business-news-today.com/openai-accelerates-30bn-financing-as-anthropic-prepares-for-november-ipo/
• Aju Press — OpenAI Accelerates $30 Billion Investment Ahead of Anthropic IPO, October 20, 2026: https://www.ajupress.com/view/20261020142470600
• Hero image — AI-generated illustration / Red Eye Eagle News, original illustration created for this article.