OpenAI is rushing to secure investor commitments ahead of Anthropic's expected initial public offering in mid-November, Reuters reported on Tuesday.
According to the report, OpenAI's new funding round may value the frontier lab at over $1.4 trillion. SoftBank Group, Abu Dhabi-based MGX, and other existing investors of the AI lab are in talks to join the round, reportedly expected to raise around $30 billion.
The raise is moving faster than what is typically expected for an offering of this size, as Anthropic is gearing up for its public market debut next month. The two premier AI companies are targeting a similar investor base. OpenAI held meetings with long-only funds and sovereign wealth funds last week, while Anthropic hosted its own investor day, the report said.
Sources cited in the report said that OpenAI is also looking to capitalize on its revenue growth following the launch of its latest Astra models. OpenAI reportedly needs additional capital to fund "substantial" infrastructure commitments and strengthen its balance sheet in case of further delays to its IPO.
OpenAI told investors that it hit roughly $50 billion in annualized revenue at the end of September, according to CNBC. This is lower than the $68 billion figure widely reported in media earlier in the month.
OpenAI executives Sam Altman and Sarah Friar both said the GPT maker would go public in 2027. Altman, in particular, said the firm will focus on AI safety and alignment this year. The company filed a confidential S-1 with the SEC in June.
The Latent has reached out to OpenAI for comment.