OpenAI Races to Raise Up to $30 Billion Before Rival Anthropic Goes Public

OpenAI, the maker of ChatGPT, is close to wrapping up a funding round that could bring in as much as $30 billion. CNBC reported the news Thursday, Oct. 22, citing unnamed sources. OpenAI told investors it wants signatures by the end of next week. The final size of the round is not yet set.

What is on the table

The deal would value OpenAI at $1.25 trillion before the new money comes in. That is called a pre-money valuation. OpenAI began talks after investors approached it in December. It is calling the round an "opportunistic" bridge, meaning money to carry it forward before a possible IPO. An IPO is when a company first sells shares to the public.

Reuters reported on Monday, Oct. 19, a different valuation figure: more than $1.4 trillion. It described the effort as "unusually fast fundraising." The material does not explain the gap between the two figures. OpenAI did not immediately reply to PYMNTS for comment.

Why the rush

Reuters said two sources linked the timing to Anthropic, OpenAI's chief competitor and the maker of the Claude AI assistant. Anthropic is expected to go public next month. Both companies are increasingly courting the same investors, so OpenAI appears to want its money locked in first.

The revenue picture

The Financial Times reported on Oct. 14 that Anthropic has narrowed its revenue gap with OpenAI. Anthropic's quarterly revenue rose from $4.8 billion in the first quarter to $11.6 billion in the second and $16.8 billion in the third. Each quarter this year topped its entire 2025.

On Oct. 8, the Financial Times reported that OpenAI told investors its annualized revenue was approaching $50 billion at the end of September. Annualized means the current pace stretched over a full year. That was about $20 billion below the expected $70 billion.

What happens next

Yahoo Finance reported that Anthropic could make its IPO paperwork public as soon as Friday, Oct. 23. That would clear the way for a possible November listing. It would also give everyday investors their first look at Anthropic's finances and risks. The offering is expected to top SpaceX's June IPO and is widely seen as a test of investor appetite for the AI boom.

Not yet known: how much OpenAI will actually raise, and which valuation is right. Both companies are spending heavily to compete. For people who use or pay for AI tools, prices, features and which firms last may shift as the race plays out.