OpenAI has gone back to investors for what would be its largest private round yet, discussing a raise of at least $30B at a valuation of roughly $1.4T, Bloomberg reported.
The appetite is easy to explain. Run-rate revenue has climbed about 70% since July and reached $40B in August, as a sharper focus on coding tools pulled developers back to its models.
The round would extend a remarkable run. OpenAI collected $122B in March at an $852B valuation, a raise its leadership described at the time as the last one before a public listing. Chief executive Sam Altman has since ruled out a 2026 debut, saying he wants safety work finished first.
Investors appear willing to wait. A $1.4T pre-IPO round would keep the ChatGPT maker comfortably ahead of rivals that spent the year closing the gap, and hands it fresh capital for compute, talent and the agent products now landing across its consumer and enterprise tiers.
The open question is timing. Altman has tied a listing to safety milestones rather than a calendar, leaving a private market holding a valuation most public companies would envy with no clear exit date.
