OpenAI Moves to Lock In $30 Billion Before Rival Anthropic Lists Its Shares

OpenAI is moving quickly to raise about $30 billion in new funding at a valuation that could top $1.4 trillion, Reuters reported Monday, citing people familiar with the matter. The goal, according to those people, is to lock in investor commitments before rival Anthropic's expected stock market debut in mid-November.

Neither the final amount nor the valuation has been confirmed. OpenAI declined to comment, as did SoftBank. Anthropic and MGX did not immediately respond to requests for comment, CTech reported.

The key numbers behind the race

• $30 billion: the amount OpenAI is reportedly seeking. Existing backers, including Japan's SoftBank Group and Abu Dhabi-based MGX, are in talks to take part, per Reuters.
• More than $1.4 trillion: the valuation under discussion. OpenAI was valued at $852 billion in March after a record $122 billion round that included a commitment of up to $50 billion from Amazon. BigGo Finance put the new figure at more than 60% above the March valuation.
• $50 billion: OpenAI's annualized revenue, according to one person familiar with its pitch. The company expects $70 billion by the end of the year and credits its GPT-6 Astra model for part of the acceleration.
• $65 billion: Anthropic's annualized revenue as of July. Its third-quarter revenue was $16.8 billion, up from $11.6 billion in the second quarter and $4.7 billion in the first.
• $1.5 trillion versus $2 trillion: some existing and prospective investors have argued that Anthropic's IPO valuation should be closer to $1.5 trillion, not the $2 trillion the company has sought. They cite slowing month-to-month revenue growth.
• $1.6 trillion: the market value shed in less than two weeks by companies in the Philadelphia Semiconductor Index, a widely watched gauge of AI-related chip demand.

Annualized revenue takes a shorter period of sales and extrapolates it to a full year. It is not the same as revenue actually earned over a completed year.

Why OpenAI wants to move first

According to Reuters, the timing is deliberate. OpenAI met with long-only funds and sovereign wealth funds last week, while Anthropic held its own investor day. The two companies are courting an overlapping pool of money.

The people cited said OpenAI wants to close its round before Anthropic discloses more financial detail to IPO investors. Once those figures are out, investors are likely to compare the two companies line by line. They could also press OpenAI Chief Financial Officer Sarah Friar for more detail on revenue growth and outlook.

Edward Best, co-chair of capital markets at Willkie Farr & Gallagher, was not involved in the deal and spoke hypothetically, BigGo reported. He said OpenAI probably wants to set its own valuation without worrying about comparisons, and called the contest “a real two-horse race.”

A dispute over how revenue is counted

The two companies also account for revenue differently, which makes headline figures hard to compare. OpenAI books revenue on a net basis, deducting partners' shares up front. It has accused Anthropic of overstating its revenue by counting the full value of contracts sold through third-party cloud providers. Anthropic has said it follows established accounting practices.

A shaky market backdrop

The fundraising comes as investors grow more cautious about tech stocks, interest rates and the cost of financing the data centers that power AI. BigGo and CTech both reported that CoreWeave's shares and debt fell last week as investors scrutinized nearly $50 billion in borrowings the cloud company has taken on to fund its growth.

The listing market has also been disrupted. CTech reported that AirTrunk REIT, Firmus and SB Energy have pulled or paused offerings, and that nuclear services company Holtec withdrew its U.S. listing plans last month. BigGo added that bankers and investors say several other companies are waiting for Anthropic's IPO to finish before moving ahead.

Why it matters beyond the two companies

For most readers, the immediate effect is indirect. The race is being treated as a gauge of how much confidence investors still have in the AI boom, and the outcome could shape how easily AI companies and the firms that build their data centers can raise money. OpenAI has also cut prices on some of its cheaper models, saying that increased usage, and has told investors it sees room for further cuts.

The reports say OpenAI needs the money to meet substantial infrastructure commitments. It could also use the funds to strengthen its balance sheet if worsening public-market conditions delay its planned 2027 IPO.

What to watch next

Anthropic's debut is expected in mid-November, and the disclosures that come with it will give investors a clearer view of its finances. Whether OpenAI closes its round first, and at what valuation, has not been settled.

Sources: Latest news from Azerbaijan, BigGo Finance, CTech