OpenAI weighs fresh funding round at $1.2 trillion valuation ahead of IPO: Report

OpenAI is in early discussions with investors about raising fresh funding at a valuation of more than $1.2 trillion, the Financial Times reported, as the ChatGPT maker continues to pour billions of dollars into artificial intelligence infrastructure and delays plans for an initial public offering (IPO). The discussions are preliminary and the terms, size and valuation of the potential funding round could still change, according to people familiar with the matter cited by the FT. The talks were initiated by investors, the report said.

The potential fundraise comes just months after OpenAI completed a record $122 billion funding round. That financing valued the company at about $852 billion, including the new capital. A valuation above $1.2 trillion would therefore mark a substantial increase in OpenAI’s private-market valuation.

OpenAI weighs funding as IPO plans remain uncertain

The potential fundraise comes as OpenAI continues to invest heavily in the computing infrastructure required to train and operate its AI models. The company is competing with rivals such as Anthropic and Google in a race that has pushed up the capital required for advanced AI development. A fresh private funding round would give OpenAI additional capital while allowing it to remain private for longer. It could also give existing and new investors an opportunity to gain exposure to the company before a potential public listing.

OpenAI’s IPO plans, however, remain uncertain. In an interview with Fortune earlier this month, CEO Sam Altman confirmed that the company would not go public in 2026, describing the timing as an “ill-advised moment” amid concerns around AI safety. Asked whether that meant an IPO could take place in 2027, Altman said, “I would say not 2026.” He also said OpenAI still had work to do on safety and alignment and on how the AI industry and governments should work together.

Fortune has reported that OpenAI confidentially filed for a potential IPO in June. The company has not publicly committed to a listing date, meaning a 2027 listing remains a possibility rather than a confirmed timeline. The decision to raise more money privately could also reflect the scale of OpenAI’s spending. The company requires significant capital for computing capacity, data centres and access to advanced chips as it develops increasingly capable AI systems.

The potential fundraise would give existing investors an opportunity to increase their exposure to OpenAI while allowing the company to remain private for longer. Investors including SoftBank and Thrive Capital have backed the company, while the March round also included major commitments from technology and financial firms.

The move also comes as OpenAI seeks to maintain spending on the infrastructure required to train and operate increasingly powerful AI models. The company spent about $34 billion last year, according to the FT, highlighting the scale of capital required to compete in the generative AI market.

At the same time, OpenAI’s business has continued to expand. Its annualised revenue crossed $40 billion last month, according to a person familiar with the company’s finances cited by the FT. Revenue growth accelerated following the launch of its latest models, including GPT-5.6 and Astra.

The proposed valuation would also put OpenAI back above rival Anthropic’s latest private valuation of $965 billion. Anthropic is itself preparing for a potential public listing, adding another layer to the intensifying competition for investor capital in the AI sector.