OpenAI $30 billion raise races Anthropic IPO at $1.4 trillion

An OpenAI $30 billion raise is being fast-tracked to beat its biggest rival to investors' wallets. The ChatGPT maker wants commitments before Anthropic's expected stock market debut in mid-November, in a round that could value it above $1.4 trillion, according to a Reuters report on Monday, Oct. 19, citing two people familiar with the matter.

What happened

SoftBank Group, Abu Dhabi's MGX and other existing backers are in talks to join, according to the report. OpenAI held talks last week with sovereign wealth funds and long-only investors as Anthropic hosted its own investor day, and the round is expected to move faster than usual for its size.

OpenAI is telling investors it has reached $50 billion in annualized revenue after launching its GPT-6 Astra model and expects $70 billion by year-end. It has also cut prices on cheaper models, which it says lifted usage. Its last valuation was $852 billion in March, after a record $122 billion round that included a commitment of up to $50 billion from Amazon.

Anthropic told investors it made $16.8 billion of revenue in the third quarter, up from $11.6 billion in the second, but its month-on-month growth has slowed, raising questions about its price. OpenAI and SoftBank declined to comment, and Anthropic and MGX did not respond, Reuters said.

Why it matters

The two labs are fishing in the same pool of capital, and some investors see the OpenAI $30 billion raise as a way to lock in funds that might otherwise go to Anthropic's IPO. OpenAI may also want to set its price before Anthropic's filings invite direct comparisons. OpenAI books revenue on a net basis and has accused its rival of counting gross cloud contract value, which Anthropic says follows established practice.

Market conditions are not easy. Some Anthropic backers have pushed for a debut valuation near $1.5 trillion instead of $2 trillion, as we reported in our Anthropic IPO valuation story, and several AI-linked listings have been paused or withdrawn. OpenAI's own revenue claims drew attention earlier this month in our OpenAI $50 billion revenue piece.

What's next

"OpenAI could want to set its own valuation and not have to worry about a comp," said Edward Best of law firm Willkie Farr & Gallagher, who is not involved in the deal.

Timing is crowded. Bankers told Reuters that several companies preparing to go public have chosen to wait until after Anthropic's listing, and some late-stage startups are scheduling private rounds to avoid it.

OpenAI also needs money for large infrastructure commitments and a stronger balance sheet if its planned 2027 listing slips. Watch for a signed term sheet, and for Anthropic's pricing range, in the coming weeks.

On Polymarket, Anthropic having the higher valuation on Dec. 31 was priced at 92%, and Anthropic listing before OpenAI at 94% as of 08:25 MSK on Oct. 21. The OpenAI $30 billion raise could narrow that gap if it prices well above $1.4 trillion.

The call

We call that Anthropic will have a higher valuation than OpenAI on Dec. 31, 2026, measured by Nasdaq Private Market data or public market value if listed. Polymarket puts that at 92%. A $1.4 trillion private mark for OpenAI is close to, but not above, the IPO range investors are discussing for Anthropic.