OpenAI Seeks $30 Billion at Over $1.4 Trillion Valuation Before Anthropic's Listing

A $30 Billion Round on a Deadline

OPENAI is working to close a funding round of roughly $30 billion before Anthropic's expected mid-November listing, according to two people familiar with the talks. Completed on those terms, it would value the ChatGPT maker at more than $1.4 trillion. SoftBank, Abu Dhabi-based MGX and other existing backers are in discussions to take part, one of the people said. The talks are described as ongoing, and the final size and valuation could still move. The pace is the point. OpenAI's last confirmed mark came in March, when a record $122 billion round put the company at $852 billion. In September, it reportedly held early conversations with investors near $1.2 trillion. The new target sits about 64% above that March level, and the pitch leans on faster growth since the launch of GPT-6 Astra, pointing to $50 billion in annualized revenue. That revenue figure is the company's own, presented to investors rather than audited in public accounts. Both pitches run on the same argument: revenue is compounding quickly enough to justify marks well above the levels set in the spring. Timing carries as much weight as price. OpenAI wants the round finished before Anthropic's disclosures let investors set the two businesses side by side, one of the sources said in the report published Monday. The labs are courting much the same capital: OpenAI met long-only funds and sovereign wealth funds last week, while Anthropic hosted its own investor day. Neither company has published round terms in a regulatory filing, so the valuation figures remain unconfirmed. Whether the money lands before Anthropic's prospectus reaches public investors could shape how the market prices both companies heading into 2027.

Anthropic's $1.5 Trillion Reset

Anthropic's number has moved the other way. Investors have discussed a valuation of about $1.5 trillion, down from the $2 trillion the company had sought, after third-quarter results disappointed. On those reported figures, the two labs now sit roughly $100 billion apart. What the quarter actually contained has not been published; the disappointment is described by people close to the process rather than by any filed accounts. Revenue accounting sits at the center of the comparison investors are preparing to make. OpenAI strips out the share owed to partners before it books revenue. It has accused Anthropic of booking the full contract value on deals routed through cloud providers, a method it argues flatters the reported top line. Anthropic has said it follows established accounting practices. The dispute gains weight once Anthropic's listing document is public, because that filing offers the first full public view of a frontier lab's finances. Investors will then be able to test both growth stories against the same document set. The field around both companies is thinning. Firmus, SB Energy and AirTrunk REIT have each halted or withdrawn their listings this year, according to the report on Firmus's withdrawal. With that pipeline shrinking, Anthropic may end up as the AI trade's last major listing of 2026. The company also faces scrutiny of a different kind. A weak debut could deepen losses in chip stocks, which have shed $2 trillion in value across just 8 sessions. Even so, demand for shares in both labs remains high, which is why each keeps adding meetings with the same funds rather than stepping back.

In pre-IPO trading, COINOTAG data shows ANTHROPIC quoted at $1,925.57, up 0.33% over the past 24 hours, with the daily trend still flagged as a downtrend, a bearish MACD signal and daily RSI at 44.3. The composite rates the nearest support at $1,878.46, a level tagged to the 0.382 Fibonacci retracement, at 99/100. OpenAI, quoted at $1,487.10, carries its strongest support at $1,446.33, also 99/100. Anthropic's stock perpetual holds about $45.1 million in open interest, the positioning COINOTAG tracks for the instrument heading into its listing window. That $1,878.46 shelf at 99/100 is the first level that matters for ANTHROPIC.