OpenAI is trying to raise roughly $30 billion before Anthropic's expected mid-November IPO, according to people familiar with the matter who spoke to Reuters. The round could value OpenAI at more than $1.4 trillion. Two of those people put the target above $1.4 trillion, which would sit about 64% higher than the $852 billion valuation OpenAI carried after its March round.
The timing is the point. OpenAI wants the cash committed before Anthropic's public filing gives investors a detailed look at a rival frontier lab's books.
Who's writing checks
SoftBank, Abu Dhabi-based MGX and other existing backers are in talks to join the round, according to one source. That's a familiar cast. SoftBank and MGX helped fuel the March raise, a record $122 billion round that reset the private-market ceiling for AI companies.
OpenAI isn't coming empty-handed. The company is citing $50 billion in annualized revenue and pitching faster growth since it launched GPT-6 Astra. In September, it reportedly held early conversations with investors near a $1.2 trillion valuation. The new target is a step up from that, and a big one.
Anthropic's number moved the other way
Anthropic's valuation has slipped. Some investors have reportedly discussed a figure around $1.5 trillion, down from the $2 trillion the company had sought, after disappointing third-quarter results. On the reported numbers, the two labs now sit roughly $100 billion apart. That's a narrow gap for companies whose businesses are often described in the same breath.
The comparison gets messier when you look at how each company books revenue. OpenAI deducts partner shares before recording revenue. It has accused Anthropic of counting the full value of contracts sold through cloud providers. Anthropic has said it follows established accounting practices. Investors will eventually get to judge that dispute with actual filings in hand, which is exactly what OpenAI would rather avoid happening before its round closes.
A thin IPO calendar raises the stakes
Anthropic may end up as the AI trade's last major listing of 2026. The pipeline behind it is thin. Firmus, SB Energy and AirTrunk REIT have all paused or pulled their listings this year. If Anthropic stumbles out of the gate, there isn't much waiting in the wings to absorb the attention.
The broader market hasn't been kind lately either. Chip stocks have shed $2 trillion in just eight sessions. A weak Anthropic debut could deepen those losses, and it would land on a sector already nursing a sharp drawdown.
Two investor days, one deadline
Both companies were out selling their stories last week. OpenAI met with long-only funds and sovereign wealth funds. Anthropic hosted its own investor day. Reuters reported that demand for shares in both companies remains high, which suggests the money is there if the terms are right.
What investors don't have yet is a common set of numbers. Anthropic's filing will give them the first detailed public look at a frontier AI lab's finances. OpenAI's argument, essentially, is that its own numbers are the cleaner set — and that it should get to make that case on its own schedule.
The next hard date is mid-November, when Anthropic's listing is expected. Whether OpenAI closes its round before that filing lands will shape how investors compare the two labs heading into 2027. Until then, the $1.4 trillion figure is a target, not a valuation.
