OpenAI is reportedly racing to raise $30 billion before Anthropic goes public.

OpenAI is asking investors for about $30 billion on a deadline set by its chief competitor. The company wants to close the round before Anthropic's expected public listing in mid-November. Anthropic is reportedly seeking a $2 trillion IPO valuation, but investors are pushing for $1.5 trillion after its Q3 results disappointed. That gap suggests public markets may price AI companies lower than private funding rounds have. Once Anthropic is listed, its share price will become a public benchmark against which private AI valuations are measured. Amazon and NVIDIA, which are paid regardless of which lab wins, may look like safer AI investments than either lab.

Reuters reported on October 19, 2026, citing people familiar with the matter, that OpenAI wants to close the round before Anthropic's expected listing. The round could value OpenAI at more than $1.4 trillion, well above the $852 billion it reached in March. Nothing has been signed. SoftBank Group, Abu Dhabi's MGX, and other existing backers are in talks, and the round is expected to move faster than usual for a raise of this size. OpenAI and SoftBank declined to comment. Anthropic and MGX did not immediately respond.

Neither lab is publicly listed, so investors' exposure runs through their backers and suppliers. On October 19, Amazon (NASDAQ: AMZN) rose 4.98%, and an analyst named it a Top Pick that day. Microsoft (NASDAQ: MSFT) gained 0.84%, and NVIDIA (NASDAQ: NVDA) added 1.38%.

**Why OpenAI Wants Its Money Before November**

OpenAI met with long-only and sovereign wealth funds the week before the report, while Anthropic held its own investor day. Only a short list of buyers can write checks this large, and both companies are courting the same ones.

Once Anthropic is listed, it will set a public price that every private AI valuation is measured against. If OpenAI raises first, it can set its terms before that benchmark exists.