OpenAI is in early discussions with major investors over a potential new funding round that could value the ChatGPT maker at approximately $1.2 trillion, according to a Financial Times report, as the company continues to build toward a future public listing.
The talks, which are reportedly at an early stage, could result in a valuation significantly above OpenAI’s most recent funding round. The discussions were initiated by investors rather than OpenAI itself, according to people familiar with the matter cited by the Financial Times.
The potential financing would further strengthen OpenAI’s capital position as it invests heavily in artificial intelligence infrastructure, model development and the expansion of its products and services.
Potential Valuation Would Mark Major Increase
OpenAI last closed a major funding round in March 2026, securing $122 billion in committed capital at a valuation of approximately $852 billion.
A potential valuation of $1.2 trillion would therefore represent a substantial increase from that level, although the figure remains preliminary and could change as discussions progress.
The reported investor-led approach also indicates the continuing interest among large institutional investors in gaining exposure to OpenAI ahead of a possible public-market debut.
However, no final terms have been agreed, and the discussions could ultimately result in a different valuation or structure.
OpenAI has declined to comment on the reported fundraising discussions.
IPO Not Planned for 2026
The potential funding round comes shortly after CEO Sam Altman said that OpenAI would not go public in 2026.
Altman said in comments published by Fortune that current concerns surrounding AI safety made 2026 an ill-advised time for the company to enter public markets. He said OpenAI did not feel pressure to pursue an IPO on a particular timetable.
The decision followed growing debate over the risks associated with increasingly capable AI systems and whether companies should slow the development of frontier models.
Altman has also supported calls for AI companies to “pace the frontier” and has discussed the possibility of greater cooperation between leading laboratories around safety and alignment.
OpenAI Continues to Require Massive Capital
The potential fundraising comes against the backdrop of enormous capital requirements across the AI industry.
Developing and operating frontier AI models requires substantial investment in computing infrastructure, data centres, advanced chips, research talent and energy.
OpenAI’s increasingly broad product portfolio also requires significant computing capacity as usage of ChatGPT and other AI services continues to expand.
A higher private-market valuation could give the company additional financial flexibility while allowing it to remain private for longer before entering public markets.
For investors, meanwhile, a potential $1.2 trillion valuation would represent a significant bet on OpenAI’s ability to sustain rapid growth and convert its AI leadership into long-term commercial returns.
AI Regulation Remains a Key Issue
OpenAI’s financing discussions are taking place alongside a broader policy debate over how advanced AI should be regulated.
OpenAI and Anthropic have both supported greater government involvement in establishing rules intended to promote safer development and deployment of AI systems.
The companies have raised concerns surrounding security, misuse and the risks associated with increasingly capable models, although technology companies and policymakers continue to differ over the appropriate scope and form of regulation.
The issue has become particularly prominent following recent incidents involving autonomous AI agents and growing warnings from AI safety researchers.
Anthropic Takes a Different IPO Path
OpenAI’s decision to delay its public-market debut contrasts with the reported plans of rival AI company Anthropic.
Anthropic is expected to begin marketing its IPO as early as mid-October, with a potential listing planned before the U.S. midterm elections in November, according to people familiar with the matter cited by Reuters.
The contrasting approaches could make the coming months an important period for the private and public financing of major AI companies.
While Anthropic prepares for a potential stock-market debut, OpenAI appears focused on raising additional private capital and increasing its valuation before eventually considering an IPO.
Investor Interest Remains Strong
The reported discussions demonstrate the continued appetite among large investors for stakes in leading AI companies, even as questions remain about the cost of developing increasingly powerful models and the regulatory environment surrounding the technology.
For OpenAI, securing funding at or near a $1.2 trillion valuation would mark another major step in its rapid rise from an AI research organisation to one of the world’s most highly valued private technology companies.
However, the reported figure remains subject to negotiations, and there is no guarantee that the discussions will result in a completed financing round at that valuation.
For now, OpenAI’s strategy appears to involve continuing to raise substantial private capital while postponing its public-market ambitions beyond 2026.
Disclaimer: This report has been editorially prepared using publicly available information and official company disclosures. Readers are advised to refer to official company announcements/disclosures for further details.
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