OpenAI is seeking $30B in new funding at a $1.4T valuation, with its planned IPO delayed to 2027.

OpenAI is seeking to raise at least $30 billion at a valuation of roughly $1.4 trillion, after pushing its planned initial public offering into 2027, according to Bloomberg. The talks are still at an early stage and terms could change, but investor demand is driving the round as OpenAI posts strong revenue growth.

The financing is expected to function as a bridge round, providing additional capital after CEO Sam Altman ruled out an IPO this year amid heightened concerns around AI safety. A $1.4 trillion valuation marks another sharp step up for OpenAI. The company most recently raised $122 billion in March at an $852 billion post-money valuation and had previously been considering a new financing at around $1.2 trillion.

OpenAI's growth has accelerated heading into the fundraising. Annualized revenue is now approaching $70 billion, up more than 70% since the beginning of the third quarter, while enterprise sales have more than doubled since July, according to figures reported by Axios and confirmed by Reuters.

The latest round also gives OpenAI additional capital as it competes with Anthropic, which has moved further ahead with its own plans to enter the public markets. Anthropic confidentially filed for an IPO in June and could seek a valuation above $2 trillion, according to a prospectus reviewed by Reuters. Its annualized revenue reached roughly $65 billion in July, after generating $4.6 billion in revenue during 2025.

The prospectus underscored the enormous capital requirements behind frontier AI. Anthropic disclosed roughly $518 billion in future cloud, computing, and infrastructure obligations, while OpenAI is targeting around $600 billion in compute spending through 2030.

OpenAI and Anthropic have increasingly competed for enterprise customers as both try to turn rapid adoption of their AI models into sustainable businesses ahead of eventual public listings. OpenAI has also been expanding its product lineup while its IPO is delayed. On Tuesday, the company launched Dots, an always-on AI agent powered by GPT-6 Astra that operates across connected apps and its own cloud computer, putting OpenAI into more direct competition with Meta's Muse.

The company also introduced a new $500-per-month premium subscription tier with higher usage limits and faster processing, while adjusting limits on its existing $200 plan.

Despite delaying its IPO, OpenAI has already laid much of the groundwork for an eventual listing. Both OpenAI and Anthropic are expected to provide public-market investors with some of the clearest financial disclosures yet on the revenue growth and extraordinary infrastructure spending behind the frontier AI industry.