OpenAI seeks to raise about $30 billion at a valuation of over $1.4 trillion, aiming to close before Anthropic's IPO
According to Reuters, OpenAI is seeking to raise about $30 billion at a valuation of more than $1.4 trillion before Anthropic's IPO, a valuation at least 64% higher than the $852 billion it reached in March. The two companies are competing for overlapping long-term funds and sovereign wealth funds, and OpenAI hopes to lock in commitments before Anthropic files its S-1 and goes public in mid-November, to avoid direct comparison. Anthropic's third-quarter revenue grew 45% to $16.8 billion, a slowdown from more than doubling in the second quarter, leading some investors to argue for a valuation of $1.5 trillion rather than $2 trillion.
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The original article compares the two companies' differences in valuation basis and revenue recognition, so readers can understand why the financing pace is rushing ahead of the IPO.
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Reuters: OpenAI is racing to raise about $30B at a valuation above $1.4T before Anthropic goes public.
That would put OpenAI at least 64% above the $852B valuation it reached in March.
Both labs court overlapping long-only and sovereign wealth funds, and OpenAI wants commitments before Anthropic’s filings invite side-by-side comparisons.
Those comparisons are messy: OpenAI books revenue net of partner shares, while Anthropic counts the full value of sales through cloud providers. Locking in $1.4T before Anthropic’s public S-1 and mid-November debut spares OpenAI a direct comparison now
Anthropic’s third-quarter revenue rose 45% to $16.8B after more than doubling in the second, and the slowdown has some investors arguing for $1.5T instead of $2T.
Investors say OpenAI needs cash for infrastructure commitments in case a market that erased $1.6T from chip stocks in under 2 weeks further delays its 2027 listing.