OpenAI is in talks with investors to raise at least $30 billion in a pre-IPO funding round at a valuation of roughly $1.4 trillion, Bloomberg reported Tuesday. The raise would nearly double the company's last private valuation and position it for a public market debut that now appears pushed to 2026 or later.
Investors are eager to increase their stakes in the ChatGPT maker before it goes public. While rival Anthropic briefly outpaced OpenAI at the start of the year, a strategic refocus on areas like coding has driven a 70% jump in run-rate revenue since July, reaching $40 billion in August, according to the report.
The road to IPO gets longer
OpenAI raised $122 billion in March at an $852 billion valuation. That round was expected to be its final private raise before an IPO, which had been anticipated this year. CEO Sam Altman has since ruled out a public debut in 2026, saying the company will prioritize AI safety first.
"I think it is unacceptable to be taking like a 10% chance of killing everybody by the end of the decade," Altman told Fortune, responding to warnings from safety researchers about existential risks from AI.
The new fundraising, if completed, will serve as a bridge round to the IPO, Bloomberg reported. OpenAI did not respond to a request for comment.
What the numbers signal
The jump from an $852 billion valuation in March to a reported $1.4 trillion now reflects both investor appetite and the company's revenue trajectory. Run-rate revenue of $40 billion in August, up 70% since July, suggests enterprise and developer adoption continues to accelerate.
For finance executives tracking private market comps, the implied multiple on run-rate revenue would be roughly 35x - a figure that assumes sustained growth and a successful transition to public markets. The bridge round structure also signals that OpenAI wants additional capital flexibility while it works through safety commitments that have delayed its IPO timeline.
Why this matters for executives and strategy leaders
The deal, if it closes, would make OpenAI one of the most valuable private companies in history and reset expectations for AI infrastructure and application valuations across the sector. CFOs and strategy leads should watch whether the final terms match the reported numbers - and how the safety-first delay to IPO affects capital planning for competitors and partners alike.
For leaders building internal AI capabilities, the revenue growth figures offer a benchmark for how quickly enterprise AI adoption is scaling. Teams evaluating AI Finance Leadership Courses or broader AI for Executives Courses can use these market signals to calibrate their own investment timelines and budget assumptions.
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