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The San Francisco-based AI company is raising up to $30 billion at a $1.25 trillion valuation, according to people familiar with the deal, who asked not to be named because the details were confidential. That valuation does not include new capital raised.
Investors from the United Arab Emirates are leading the round alongside Coatue, according to people familiar with the deal.
OpenAI told investors Thursday that it aims to secure signatures by the end of next week. The final size of the round is still being determined, the people said.
The financing is being positioned as an “opportunistic” bridge ahead of a potential IPO, the people said. An OpenAI listing will likely come in 2027, CFO Sarah Friar has told employees.
Alongside the new investment, OpenAI is negotiating a commercial deal that would secure more computing capacity from the UAE, according to one person. The arrangement could help OpenAI secure additional computing power as it expands its AI business.
The fundraising also comes during a choppy time for tech markets. There have been jitters surrounding CoreWeave and questions about future financing conditions as interest rates rise.
Anthropic’s expected IPO would provide another test of investor appetite for the sector. OpenAI has filed confidentially to go public.
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