OpenAI is racing to close a funding round of roughly $30 billion before its rival Anthropic goes public. Reuters, citing two people familiar with the matter, reported that the raise is moving much faster than is typical for a deal of this size. One summary of the reporting, from BigGo Finance, frames the push as jumping the gun on Anthropic's timetable.
The reported target is a valuation of more than $1.4 trillion. OpenAI's last round closed on March 31, 2026, raising $122 billion at an $852 billion post-money valuation, according to Crypto Briefing. If the new round lands at the reported level, the company's valuation would rise by more than 60 percent in under seven months. Nothing is final, though. Every report describes the round as in progress.
Why Anthropic's IPO sets the deadline
Anthropic is the clock. Reports say the company has filed a confidential draft S-1 registration statement and points to a potential listing in November 2026. OpenAI, by contrast, has signaled that its own IPO will not come until at least 2027.
The reasoning behind the rush is about comparison. Reuters reported that OpenAI wants to close before Anthropic discloses more financial detail to IPO investors, because those disclosures would let investors compare the two companies line by line. Once a public filing puts Anthropic's financials beside OpenAI's, the private market loses the ability to price OpenAI on its own story.
That makes this partly a pricing bet. Private rounds are negotiated with a small group of backers, and the terms can stay vague. A public listing creates a reference price that every investor can see, and the first one tends to shape what comes after. OpenAI would prefer to set its mark before that reference exists.
USA 24 has covered the Anthropic side of the story in its reporting on Anthropic's IPO valuation talk. Invezz reports that some Anthropic investors now favor a flotation valuation closer to $1.5 trillion, rather than the $2 trillion previously sought. If that holds, the reference price OpenAI wants to beat may be lower than the earlier $2 trillion talk suggested.
Round size, valuation and who is in the room
Reports put the raise at about $30 billion. SoftBank Group and Abu Dhabi's MGX are reported to be in talks to participate, along with other existing backers, according to TradersUnion. OpenAI also held meetings with long-only funds and sovereign wealth funds during the same week Anthropic hosted its investor day.
The guest list matters. The two companies are chasing the same pool of capital, including sovereign wealth funds, long-only funds and large technology backers, as TradingKey describes it. In practice, that means each fund's allocation to AI in a given period is finite, and a commitment to one lab leaves less room for the other.
Not every number in circulation holds up. A KuCoin News flash lists OpenAI at $140 billion, which conflicts with the $1.4 trillion figure in other reports. The $140 billion number appears to be an error, and this article treats it as one unless it is confirmed.
How the two labs compare on the numbers
| Metric | OpenAI | Anthropic |
|---|---|---|
| Latest or current raise | About $30 billion round in progress | $65 billion raised in May 2026 |
| Valuation | More than $1.4 trillion target | $965 billion post-money in May 2026; IPO talk reported between $1.5 trillion and $2 trillion |
| Revenue | $50 billion annualized, with a $70 billion year-end target | $16.8 billion in Q3 revenue, up 46% |
| Listing timing | IPO not before 2027, per OpenAI's signal | Potential November 2026 listing, with a confidential draft S-1 reportedly filed |
The revenue lines are not directly comparable. OpenAI's figure is annualized, while Anthropic's is a single quarter's revenue. Put on the same basis, the gap could look different, but the reporting does not provide that conversion.
OpenAI attributes part of its recent revenue acceleration to its GPT-6 family, including the Astra flagship released in early September, according to TradersUnion's reporting. The GPT-6 entry on Wikipedia lays out the model family and its release timeline, which gives readers a place to check the product sequence.
Why the AI stock selloff raises the stakes
The raise is happening in a rough market. AI-related stocks sold off in October, and the cost of credit-default insurance on SoftBank hit a nearly four-year high as trouble at CoreWeave drew attention to AI borrowing, according to Market Index. Invezz reports that debt concerns at CoreWeave and a sharp semiconductor selloff are intensifying scrutiny of AI infrastructure financing. USA 24's coverage of the AI stock selloff traces the CoreWeave debt questions in more detail.
ABC News Australia's live markets coverage adds that investors are increasingly asking whether massive AI spending can pay off soon, with inflation keeping borrowing costs high. That question sharpens for any company that depends on outside capital to fund its build-out. A $30 billion round is a large check to write during a weak market, and it tests whether private investors still want AI risk when public prices are falling.
For US investors, the exposure runs through public stocks. Anyone holding SoftBank, CoreWeave, Nvidia or other AI-linked shares could see volatility if an Anthropic listing reprices the private AI market. Retirement savers who own those names through funds may feel that move even if they never bought a lab's shares directly.
What is still unconfirmed
- Whether the round has closed. Every source describes it as in progress and accelerated, not finalized.
- The final valuation. Reports range from more than $1.4 trillion for OpenAI to a possible $1.5 trillion for Anthropic, and the $140 billion figure appears to be an error.
- Anthropic's IPO date and pricing. A related report says the company has made no definitive decision on the IPO.
- Whether the timeline is truly accelerated. That characterization rests on Reuters' reporting, and no second primary-source confirmation turned up in the reporting reviewed for this story.
- Whether the selloff delays either listing. No source answers that yet.
What investors and business customers can do now
The reports point to no direct steps for consumers. Investors and business buyers still have a few useful checks to make.
- Review how much of your portfolio sits in AI-linked stocks, including SoftBank, CoreWeave and Nvidia, and whether that matches your risk tolerance.
- When OpenAI announces the round's close, compare the confirmed valuation with the $852 billion post-money mark from its March round.
- If Anthropic makes its financial filing public, read the revenue definitions closely, since annualized and quarterly figures are not interchangeable.
- Business customers of ChatGPT and Claude may face pricing and product pressure as both labs compete for capital and revenue. This is an inference, not a reported fact, so track your contract renewal dates and watch for changes in plan terms.
What comes next
The next few weeks will decide whether this becomes a story about strong demand or a warning about AI borrowing. If OpenAI closes near $1.4 trillion and Anthropic lists in November, the two labs will be priced side by side in public for the first time. Watch whether SoftBank and MGX stay in the round, whether Anthropic's valuation talk holds near $1.5 trillion, and whether OpenAI's signal of a 2027 listing still stands once the round is final.
