OpenAI Weighs a $1.2 Trillion Round as Its IPO Slips to 2027

TL;DR — OpenAI is in early talks with investors about a fresh funding round that could value the ChatGPT maker above $1.2 trillion, according to the Financial Times and Bloomberg, with the New York Times putting the figure even higher at roughly $1.5 trillion. That would mark a ~41% jump over the $852 billion valuation from its $122 billion March round. The discussions land just days after CEO Sam Altman ruled out a 2026 IPO, pushing the public debut toward 2027 while rival Anthropic races toward its own listing.

Introduction

Two narratives are colliding at OpenAI. On one side, the company still commands the most aggressive private-market valuations in tech history; on the other, its public debut keeps slipping. A new round at or above $1.2 trillion would be the clearest signal yet that OpenAI intends to keep funding its expansion privately — and that late-stage investors are willing to keep paying up before the scrutiny of public markets arrives (Source : Bloomberg — OpenAI Weighing Funding Round at Over $1.2 Trillion Valuation).

The Numbers

The figures under discussion are still preliminary, and there is no confirmed raise size or closing date. But the scale is striking. OpenAI raised $122 billion in March at a post-money valuation of $852 billion — itself one of the largest private capital raises on record. A $1.2 trillion round would represent a roughly 41% increase in a little over five months (Source : LiveMint — OpenAI eyes $1.2 trillion valuation in fresh funding round as IPO slips to 2027).

The New York Times, citing people familiar with the matter, reported an even higher target of about $1.5 trillion. The gap between the two figures is itself informative: the talks are early enough that the number has not settled (Source : New York Times — OpenAI Considers New Financing at a $1.5 Trillion Valuation).

The revenue backdrop is the reason the price keeps climbing. OpenAI's annualized run rate crossed $40 billion last month, while it spent about $34 billion last year, according to the Financial Times. The company remains unprofitable at scale, which is precisely why fresh private capital matters — it funds the compute and model development without forcing a premature public debut.

The Primary/Secondary Gap

The most analytically useful detail isn't the headline number; it's the widening gap between what primary investors pay and what secondary markets believe the company is worth. Composite marks from secondary trading suggested an implied valuation closer to $475 billion by September — a 44% discount to the March round's $852 billion primary price (Source : Crypto Briefing — OpenAI's valuation surges 766% over the last two years).

That gap is a real tension. Primary investors are pricing OpenAI at roughly 30–35x its revenue run rate, while secondary sellers are far more conservative. The divergence reflects two very different bet horizons: primary rounds are pricing a company that may not trade publicly until 2027 or later, while secondary markets discount for the lockup, the execution risk, and the uncertainty of whether such a multiple survives public scrutiny. A new round at $1.2 trillion would widen that gap further, not close it.

The Anthropic Race

The timing matters because Anthropic is moving faster. Anthropic's valuation has reached $965 billion and its annual revenue run rate hit $47 billion — both figures now exceeding OpenAI's — and the company is reportedly preparing to market its IPO as early as mid-October, with Nvidia eyeing a stake worth up to $10 billion (Source : Benzinga — OpenAI Eyes Fresh Funding at $1.2 Trillion Valuation as Sam Altman Rules Out 2026 IPO).

OpenAI and Anthropic have both called for greater AI regulation, yet on the capital front they are on divergent paths. Anthropic appears headed for the public markets; OpenAI is stacking another private round. Altman's stated rationale for the delay is safety — he has said the company will not go public in 2026, citing concerns about the pressures of public ownership on alignment work. A $1.2 trillion round gives OpenAI the luxury of that choice.

The strategic picture mirrors the broader AI agent funding surge playing out across the sector, where a handful of frontier labs and coding-agent companies like Cognition are compressing years of value creation into months. OpenAI's next round would simply be the largest data point in that trend.

FAQ

What valuation is being discussed?
The Financial Times and Bloomberg report a figure above $1.2 trillion; the New York Times reports roughly $1.5 trillion. Both describe early, non-binding talks.

Why is the IPO being delayed?
Sam Altman has said OpenAI will not go public in 2026, citing AI safety concerns. OpenAI confidentially filed IPO paperwork in June 2026, with 2027 now the more likely timeline.

How much did OpenAI raise in March?
$122 billion at a post-money valuation of $852 billion — a 766% increase over its roughly $100 billion valuation two years earlier.

How does Anthropic compare?
Anthropic is valued at $965 billion with a $47 billion revenue run rate, both exceeding OpenAI's figures, and is preparing an IPO as early as mid-October.

Why is the secondary market price so much lower?
Secondary marks imply roughly $475 billion, a 44% discount to the primary round, reflecting lockup risk, execution uncertainty, and doubt that the multiple survives public scrutiny.