OpenAI weighs funding round at $1.2 trillion valuation ahead of IPO, FT says

• The $1.2 trillion valuation would mark a roughly 41% increase from OpenAI's $852 billion valuation in its March funding round
• OpenAI CEO Sam Altman has stated the company will not go public in 2026, citing AI safety concerns
• Rival Anthropic is reportedly preparing to begin marketing its IPO in mid-October, with a potential listing before the November U.S. midterm elections

OpenAI Considers $1.2 Trillion Valuation Funding Round Ahead of IPO

OpenAI is in early-stage discussions with major investors regarding a capital raise that would value the ChatGPT maker at approximately $1.2 trillion before going public, according to a Financial Times report citing sources familiar with the matter.

Key Financial Details

The potential $1.2 trillion valuation represents a significant increase from OpenAI's March funding round, which raised $122 billion in committed capital at an $852 billion valuation. The current discussions were reportedly initiated by investors rather than the company itself, and the valuation figure could change in coming months.

IPO Timeline and Leadership

OpenAI CEO Sam Altman has previously stated the company will not pursue a public listing in 2026, citing AI safety concerns. The company has declined to comment on the latest funding round reports.

Competitive and Regulatory Context

Both OpenAI and competitor Anthropic are advocating for increased AI regulation to ensure safe technology development amid growing concerns about security and potential misuse. Anthropic is separately planning to market its IPO in mid-October at the earliest, with completion targeted for just before U.S. midterm elections in November.

Market Implications

The substantial valuation increase underscores strong investor appetite for leading AI companies despite broader market concerns about the sector. The potential $1.2 trillion valuation would position OpenAI among the world's most valuable private companies, reflecting the market's confidence in generative AI's commercial prospects. The competing timelines between OpenAI and Anthropic suggest an intensifying race among AI leaders to secure capital and market position ahead of anticipated regulatory changes.