OpenAI is nearing a funding round of up to $30 billion at a $1.25 trillion pre-money valuation, with Coatue and investors from the United Arab Emirates leading, according to reports on Thursday. Counting the new capital, the deal would value OpenAI at as much as $1.28 trillion.
OpenAI told investors on Thursday that it wants signatures by the end of next week. The final size of the round has not been set, and terms are still being negotiated. OpenAI declined to comment.
The talks began in September, after investors approached the company. The UAE money could be paired with a separate commercial agreement that would give OpenAI more computing capacity in the UAE.
Key facts
- 01OpenAI is raising up to $30 billion at a $1.25 trillion pre-money valuation, as much as $1.28 trillion with the new cash.
- 02Coatue and investors from the UAE are leading the round; OpenAI wants signatures by the end of next week.
- 03A month earlier, OpenAI was reported to be seeking $30 billion at a $1.4 trillion valuation.
- 04OpenAI's last raise, in March 2026, valued it at $852 billion post-money.
- 05OpenAI filed confidential IPO paperwork in June; CFO Sarah Friar told staff in August it expects to list in 2027.
The $1.25 trillion figure is a step down from earlier ambitions. A month ago, OpenAI was reported to be working on a $30 billion raise at a $1.4 trillion valuation. Earlier in October it presented that $1.4 trillion pre-money price to prospective backers including BlackRock and MGX, the UAE investment fund. The Financial Times reported that OpenAI lowered the target after resistance from some investors.
Even at the lower number, a valuation above $1 trillion would be the highest ever for a private company. OpenAI's last raise, in March 2026, valued it at $852 billion post-money.
The money is going into an expensive build-out. OpenAI expects to spend about $600 billion on computing infrastructure by 2030.
The round is being treated as a bridge to a public listing. OpenAI filed confidential IPO paperwork with the SEC in June, and CFO Sarah Friar told employees in August that the company expects to go public in 2027.
Anthropic is on a parallel track. It raised $65 billion at a $965 billion valuation in May, filed its own confidential IPO paperwork in June, and is reportedly seeking a valuation of $1.5 trillion to $2 trillion for its public debut.
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