OpenAI reportedly in talks for $30B pre-IPO round at $1.4T valuation
According to a Bloomberg report first published September 29, OpenAI is in talks with investors for at least $30B in funding at a ~$1.4T valuation. Annualized revenue grew 70% since July to $40B in August.
Bloomberg first reported on September 29 that OpenAI is in talks for a pre-IPO funding round of at least $30 billion at a valuation of approximately $1.4 trillion. The valuation represents a significant increase from the $852 billion implied by the $122 billion round in March.
On financials, OpenAI's annualized run-rate revenue has grown 70% since July to reach $40 billion in August, well above levels mentioned in fundraising materials earlier this year. CEO Sam Altman has publicly ruled out an IPO in 2026, with a public market debut now expected to slip to 2027. The new funding is expected to primarily support the company's continued investment in model training, inference infrastructure (including the approximately $10 billion Cerebras compute deal), and global enterprise expansion.
The report indicates that potential investors in this round include existing OpenAI shareholders, and the structure may include some secondary share sales, allowing early employees and angel investors to partially cash out. The specific lead investor and the formal announcement timing for this round have not been publicly disclosed.