OpenAI is targeting a $1.5 trillion valuation as it evaluates pre-IPO funding rounds to finance massive AI infrastructure buildouts.

OpenAI, which is preparing for an initial public offering next year, is targeting a minimum valuation of $1.5 trillion in its upcoming fundraising round. According to a report by The New York Times on September 16, recent investors have proposed investing at a $1.2 trillion valuation, but the company is seeking a figure $300 billion higher. OpenAI is reportedly justifying this premium by pointing to its coding tool Codex, its latest AI models GPT-6 Astra and GPT-5.6 Sol, and the expanding customer bases for these products.

The Financial Times previously reported that OpenAI is also exploring options to raise additional capital at approximately a $1.2 trillion valuation. Discussions remain in the early stages, and neither the investment size nor the final terms have been determined.

Since its founding in 2015, OpenAI has secured more than $180 billion in total funding. In March, the company closed a $122 billion round—the largest single investment in Silicon Valley history—at a $852 billion valuation. Should this new financing close, OpenAI’s valuation would jump approximately 76 percent from its most recent benchmark, cementing its position as the world’s most valuable unlisted company.

Driven by strong adoption of its latest AI models and enterprise services, OpenAI’s annualized revenue has reportedly reached approximately $40 billion. However, the company continues to face substantial computing expenses, having spent $34 billion last year on training AI models and related infrastructure. Proceeds from the new round are expected to fund further expansion of AI infrastructure and strategic startup acquisitions.

OpenAI formally entered the IPO process in June by confidentially submitting draft registration documents to U.S. securities regulators. Chief Financial Officer Sarah Friar told employees during an internal August meeting that the company intends to go public next year. Nevertheless, completing the current fundraising round could potentially delay the listing timeline.