OpenAI has secured an initial tranche of roughly $11 billion in a funding round that values the company at $1.25 trillion. The figure is a step down from the $1.4 trillion discussed at the outset, as public markets grow more cautious on AI, OpenAI’s IPO slips and rival Anthropic prepares its own listing.
🔑 Key takeaways
- Initial tranche of roughly $11 billion received, with a total round that could reach $20 billion.
- Valuation set at $1.25 trillion, or $150 billion below the figure first discussed.
- OpenAI’s IPO potentially pushed back to 2027.
- Anthropic targeting a November 2026 listing, with discussed valuations between $1.2 trillion and $1.5 trillion.
A Smaller Raise in a Tougher Market
According to Bloomberg, the funds were wired to OpenAI on Friday, marking a first closing that represents only one stage of the process. The total round could still reach $20 billion, with finalization expected in the coming weeks. The Verge reports that the valuation would place OpenAI among the most valuable companies in the world. The raise follows more than a month of talks, during which terms were revised downward.
Initially, OpenAI sought to raise $30 billion or more at a valuation of $1.4 trillion. The discussed valuation then fell by $150 billion, settling at $1.25 trillion, while the $30 billion target became uncertain. Bloomberg links this shift to a marked decline in public markets for AI-related stocks.
Sources do not fully agree on the starting point. Bloomberg and The Wall Street Journal cite an initial target of $1.4 trillion, while Reuters says the sought valuation had already dropped from $1.5 trillion, with a target of up to $30 billion. The reports do not clarify whether the gap reflects separate negotiations, different valuation levels among investors or changing terms. Either way, the figure ultimately retained is $1.25 trillion.
| Stage | Amount | Valuation |
|---|---|---|
| March 2026 round (completed) | $122 billion | $852 billion |
| Initial November target | $30 billion or more | $1.4 trillion ($1.5 trillion per Reuters) |
| First tranche (November 2026) | About $11 billion | $1.25 trillion |
| Total potentially reached | Up to $20 billion | $1.25 trillion |
In March 2026, OpenAI raised $122 billion at an $852 billion valuation after the funds were actually received. The November deal therefore represents a new raise at a markedly higher valuation, within a short time frame.
Broad Investor Base, Partial Confirmations
Several funds took part in the first tranche. Bloomberg cites Coatue Management and T. Rowe Price among the contributors to this first closing. SoftBank Group, Sequoia Capital, Founders Fund and Andreessen Horowitz are also listed among the round’s investors, and a syndicate of United Arab Emirates investors joined the deal. Reuters adds that SoftBank and MGX participated, while Coatue had been tipped to co-lead the transaction during negotiations.
- Confirmed by Bloomberg: Coatue Management, T. Rowe Price.
- Named by Reuters: SoftBank, MGX.
- Declined to comment: OpenAI, SoftBank, Founders Fund, T. Rowe Price.
- No immediate response: Coatue, Andreessen Horowitz, Sequoia.
- Unconfirmed: BlackRock, whose participation remained under discussion.
OpenAI is also working with investment banks to solicit wealthy individuals and retail investors. This broadening of the shareholder base comes ahead of a possible listing and could improve the potential liquidity of the company’s equity.
A Hostile Market and a Delayed Listing
The scaling back comes as the market has become less favorable to AI companies. Technology stocks fell after mixed quarterly results from Meta Platforms and Tesla, fueling concern that AI spending has become excessive. Investors are questioning the cost of the physical infrastructure needed to train and run increasingly complex models.
Higher interest rates, volatile technology shares and scrutiny of data center investments have complicated both private financing and IPO efforts. According to Bloomberg and The Verge, public sentiment has grown more negative toward AI companies and data center projects following the U.S. midterm elections, raising the risk of new constraints on construction. Bloomberg believes this shift in sentiment helped reduce the size and valuation of the round.
On timing, CFO Sarah Friar told employees that an IPO could take place in 2027, according to CNBC. That timeline contrasts with CEO Sam Altman’s broader remarks. Earlier this year, when he explained that OpenAI wanted to be more certain about its safety claims for its models, he gave no precise timetable:
” I also think it would be a little bad for the world if OpenAI waited too long to go public. “
Sam Altman, Chief Executive, OpenAI
The Verge reports that he recently confirmed the company is prioritizing safety over a rushed march toward a listing.
Anthropic, a Rival Benchmark and a Tight Calendar
CNBC describes the raise as ‘opportunistic’, a possible bridge before a future IPO. It is meant to provide additional capital ahead of Anthropic’s own listing and to set a valuation reference against its rival, the maker of Claude. Reuters reports that OpenAI wanted commitments in place before Anthropic’s listing documents allowed more detailed comparisons between the two companies.
Anthropic filed its S-1 registration statement the previous week, with a listing expected in November 2026. Its discussed valuations have also been revised downward, as the table below shows.
| Source | Valuation discussed |
|---|---|
| Company’s initial ambition | Up to $2 trillion |
| Pressure from some investors | $1.5 trillion |
| Range from potential buyers (Bloomberg) | $1.2 to $1.3 trillion |
| Estimate from some investors (Reuters) | About $1.5 trillion |
The sources therefore do not offer a single valuation range for Anthropic. In parallel, OpenAI is negotiating a commercial agreement with the United Arab Emirates to secure additional computing capacity, according to CNBC. The deal addresses the infrastructure needs of a rapidly expanding business that requires heavy spending on computing resources and increasingly complex model development.
Outlook and Scenarios
OpenAI’s raise highlights a tension: demand for capital remains enormous, yet the valuation must now absorb a more demanding market. The central scenario rests on finalizing the round at no less than $20 billion and on a successful Anthropic listing, which would provide a direct public benchmark for comparing the two companies.
A bullish scenario assumes technology stocks stabilize, the $30 billion target is confirmed and the IPO comes sooner than expected. A bearish scenario would see the round shrink further, the listing slip beyond 2027 and reference valuations compress. Investors should watch quarterly results from the major players, the path of interest rates and the market’s reaction to Anthropic’s S-1.
Sources
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
