OpenAI is nearing a funding round of up to $30 billion at a $1.25 trillion valuation, sources say

OpenAI is raising up to $30 billion at a $1.25 trillion valuation that does not include the new capital, CNBC reported on October 22, citing people familiar with the deal. Investors from the United Arab Emirates are leading the round alongside Coatue, and the financing is being positioned as an “opportunistic” bridge ahead of a potential IPO. OpenAI told investors it aimed to secure signatures by the end of the following week, but the final size of the round was still being determined. According to one person, OpenAI is also negotiating a commercial deal for more computing capacity from the UAE.

Bloomberg reported that the valuation target was lowered from $1.4 trillion to $1.25 trillion. According to Proactive, some investors questioned the scale of spending needed. OpenAI’s previous round, in March 2026, raised $122 billion at an $852 billion valuation. TechCrunch notes that a valuation over $1 trillion would be the highest ever for a private company.

OpenAI confidentially filed its IPO prospectus with the SEC in June but has not said when it plans to list. CFO Sarah Friar told employees in August that OpenAI “will be a public company in 2027.” Rival Anthropic is reportedly seeking a $1.5 trillion to $2 trillion valuation in its own IPO, according to CNBC. OpenAI declined to comment. As of October 27, there were no reports that the round had been signed or closed.