OpenAI is close to closing a funding round of up to $30 billion at a $1.25 trillion pre-money valuation, with investors from the United Arab Emirates and the investment firm Coatue leading the deal. CNBC reported the news on Thursday, October 22, and said OpenAI wants investor commitments by the end of next week. The OpenAI $30 billion funding round is framed as a bridge to a possible IPO in 2027, and its price is lower than the one the company pitched earlier this month.
That gap is the most surprising detail. Earlier in October, OpenAI presented a $1.4 trillion pre-money price to backers including BlackRock and the UAE fund MGX, according to Startup Fortune. The new figure trims roughly $150 billion from that ask in a matter of weeks. Reuters reported on October 20 that OpenAI was racing to raise about $30 billion at more than $1.4 trillion before Anthropic's expected mid-November stock market debut.
What the OpenAI $30 billion funding round would look like
The round is for up to $30 billion, and the final size is still being set. The Information reported that the financing is set to close soon, with UAE investors and Coatue leading. Investor approaches began in September, and OpenAI described the raise as an opportunistic step ahead of a potential listing.
The $1.25 trillion figure is a pre-money number, which means it excludes the new capital. If the full $30 billion comes in, the valuation could reach about $1.28 trillion, according to Tech Startups. Outlets do not present these numbers the same way, so check whether a story means pre-money or post-money before comparing figures. TechBooky flagged that wording problem directly.
If the round closes above $1 trillion, it would be the most highly valued private company on record, according to TechCrunch. The March 2026 round set the prior benchmark at $852 billion post-money, and OpenAI has raised more than $180 billion in total. The table below lines up the valuation markers in the reporting.
| Date | Valuation | What it reflects |
|---|---|---|
| March 2026 | $852 billion post-money | Prior private round, the largest on record at the time |
| September 2026 | About $1.4 trillion | Bloomberg reports talks for at least $30 billion |
| Earlier in October 2026 | $1.4 trillion pre-money | Pitch to backers including BlackRock and MGX |
| October 22, 2026 | $1.25 trillion pre-money | Reported price for a raise of up to $30 billion |
Why the valuation dropped from $1.4 trillion
The reporting does not explain the drop. CNBC describes the financing as an "opportunistic" bridge, a framing it attributed to unnamed people familiar with the deal rather than to a named executive. OpenAI has not publicly confirmed final terms, so the details rest on people close to the talks.
The timing also coincided with a rough day for the sector. BNN Bloomberg reported sharp drops in AI stocks on Thursday as oil prices jumped. Investors worried about the rising cost of borrowing to finance data centers and chips, even though many companies in the sector still report growth.
A lower price could make a round easier to fill when investors are nervous. That reading is an inference, though, and no report ties the cut directly to the selloff. For now, the reasons remain open.
Gulf capital and the UAE compute deal
The UAE investors at the center of this round are also part of a second negotiation. OpenAI is working on a commercial deal for more computing capacity in the UAE, and its terms have not been finalized. The value of that agreement has not been made public.
Compute is one of the largest costs in the business. Finimize reported a compute spending target of about $600 billion by 2030. Capacity from the UAE deal could shape future availability and product rollouts for ChatGPT and API customers, although no pricing change has been announced.
Ownership adds another layer. After the October 2025 recapitalization, the nonprofit OpenAI Foundation held about 26% and Microsoft about 27%, according to Revenue Memo. Tech Startups also notes that Gulf capital is becoming a major source of funding for US AI firms.
The compute question is also a power question. USA 24 has covered President Trump's remarks that data centers should generate their own power and pay dividends, a debate that bears directly on how quickly new capacity can come online. Trump Says Data Centers Should Make Their Own Power and Pay Dividends
What a 2027 IPO would require
CFO Sarah Friar has previously suggested a possible IPO by 2027, and OpenAI filed confidentially for an IPO in June. A confidential filing does not set a date, so the public timeline remains loose.
Analysts cited by Finimize note that IPO pricing will depend more on compute costs and contract commitments than on the bridge-round number. A $1.25 trillion private mark gives investors a reference point, but public buyers will judge the company on its spending and its contracts.
Bloomberg reporting carried by Yahoo Finance quoted Sam Altman calling the timing of a public offering this year "ill-advised." TradingKey reported the word as "unwise." That remark predates this round, so it is context rather than a comment on the new financing.
Some investors reportedly view a $1.5 trillion valuation as more reasonable than the $2 trillion Anthropic expects, according to 36Kr.
How Anthropic's listing shapes the timing race
Anthropic's expected mid-November debut sets the clock. Reuters reported that OpenAI wanted to raise before that listing, and the timing suggests OpenAI wants its own price on record before a rival's shares begin trading. USA 24 has covered Anthropic's draft IPO filing in detail, and the two companies' public debuts will be read side by side.
Public-market sentiment matters too. AI-related stocks have swung on worries that borrowing costs threaten the data center buildout. A round that closes at a lower price in a shaky market will be read as either discipline or weakness, depending on who is doing the reading.
What to watch before the round closes
- Final size: whether OpenAI collects enough commitments by the end of next week, in the October 26 to 30 window.
- Pre- or post-money wording: check how each report presents the $1.25 trillion figure before comparing it with others.
- UAE compute terms: the value and scope of the capacity deal, which has not been finalized.
- IPO signals: any public filing or timeline update beyond the 2027 reporting.
Ordinary ChatGPT users and API customers have no action to take, and no pricing change has been announced. Investors who hold AI-linked equities or retirement funds should watch whether the round closes near the reported size and price, since AI stocks tend to react to financing news. Pension funds and 401(k) holders would feel any effect indirectly, through the shares in their portfolios.
The next signal arrives within days, when OpenAI either gathers enough commitments near $1.25 trillion or changes the terms. Anthropic's mid-November debut will then test how public investors price a frontier AI lab, and that answer will shape the valuation OpenAI eventually puts in front of public buyers.
