OpenAI is weighing fresh funding rounds that could value the company at $1.2 trillion.

OpenAI is in preliminary discussions with investors for a fresh funding round that could value the ChatGPT maker at approximately $1.2 trillion, according to a Tuesday report from the Financial Times. The talks follow a $122 billion capital raise in March, which closed at an $852 billion post-money valuation. The potential financing would value the company 41 percent higher than its March benchmark. Discussions were initiated by investors and remain in their earliest stages, meaning both the final size and valuation of any eventual transaction are subject to change. OpenAI declined to comment on the report, per Reuters.

The financing conversations coincide with accelerating revenue growth driven by OpenAI’s latest artificial intelligence products. The FT reported that strong market interest in GPT-5.6 and Astra has pushed the company’s annualized revenue to roughly $40 billion, reversing a slower start to the year.

Sustained revenue growth underscores the immense capital required to develop and train advanced AI systems. Last year alone, OpenAI spent approximately $34 billion on AI model training, highlighting the escalating financial scale needed to expand its models and underlying computing infrastructure.

The current valuation benchmark stems from OpenAI’s March financing, which secured $122 billion in committed capital at an $852 billion post-money valuation. The round was anchored by major commitments from Amazon, which pledged $50 billion, alongside Nvidia and SoftBank, each contributing $30 billion. This influx of private capital significantly expanded the company’s financial base, establishing the $852 billion figure against which the reported $1.2 trillion target will be measured.

Meanwhile, OpenAI’s path to a public offering continues to shift. The company confidentially filed for an initial public offering in June, but CEO Sam Altman explicitly ruled out a 2026 listing during a Fortune interview published on September 12. With a 2026 debut off the table, a potential 2027 launch or a later public debut remains possible, though no formal timetable has been announced.

Any new private financing would precede an eventual public-market listing and further increase the total capital deployed into OpenAI’s operations. However, the $1.2 trillion valuation currently reflects preliminary investor discussions rather than a finalized deal. As OpenAI continues expanding its AI product suite and scaling computing capacity to support model training and deployment, the company’s capital requirements will likely remain elevated through its next phase of development.