OpenAI is seeking to close a $30 billion funding round before Anthropic’s IPO, expected in November 2026, aiming to lock in a valuation above $1.4 trillion without being benchmarked against a public market price. The company previously raised $122 billion at an $852 billion valuation in March 2026, with urgency driven by infrastructure funding needs ahead of its planned 2027 public offering. Anthropic has filed a confidential S-1 and raised $65 billion at a $965 billion valuation in May 2026, reporting $16.8 billion in quarterly revenue. OpenAI’s annualized revenue run-rate stands between $50 billion and $70 billion, but the company estimates $600 billion in compute spending through 2030, necessitating capital injection before its own listing. The outcome will determine how private negotiations versus public trading set valuations in the frontier AI sector.
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