OpenAI Completes First Tranche of Roughly $11 Billion in Financing, Valuation Reaches $1.25 Trillion

Just now, OpenAI was reported to have raised another 73 billion yuan, with a valuation exceeding 8.3 trillion yuan. Zhi Dong Xi Download the client for exclusive early access. November 7, 2026, 10:01:51, from Beijing

Zhi Dong Xi, November 7 — Just now, according to Bloomberg, OpenAI has completed the first tranche of its new round of financing, amounting to approximately $11 billion (about 73.44 billion yuan), with the company valued at $1.25 trillion (about 8.35 trillion yuan).

According to people familiar with the matter, as of Friday local time, the relevant financing funds had been transferred into OpenAI's account. The total amount of this financing round could reach up to $20 billion (about 133.53 billion yuan), with the remainder expected to be completed in the coming weeks. As of now, OpenAI has not disclosed the final amount of this financing round.

Investors participating in the first tranche include Coatue Management and T. Rowe Price. Other investors in this round include SoftBank Group, Sequoia Capital, Founders Fund and Andreessen Horowitz, as well as an investor consortium from the UAE.

In addition, OpenAI is working with investment banks and plans to raise funds from high-net-worth individual investors and retail investors.

OpenAI's financing this time is also closely related to adjustments to its IPO plans. Previously, OpenAI had considered going public in 2026, but CEO Altman said in an interview that the company will not launch an IPO in 2026.

Reuters reported in October that if the IPO market remains sluggish, OpenAI's listing plan may be further delayed, and the company needs to raise funds through financing to fund large-scale infrastructure investment.

According to previous Bloomberg reports, OpenAI had been negotiating with investors for more than a month to prepare for a new round of large-scale financing.

Initially, OpenAI planned to raise at least $30 billion at a valuation of $1.4 trillion. Subsequently, affected by the sharp decline in the public market for the AI sector, the company scaled back its financing plan, and the current target for this round is up to $20 billion.

At present, neither OpenAI nor the investors have responded to the completion of this financing round.

In March this year, OpenAI completed a $122 billion (about 814.5 billion yuan) financing at a valuation of $852 billion (about 5.7 trillion yuan).

Based on the valuation of $1.25 trillion in this round, OpenAI's valuation has risen by about 46.7% compared with the previous round.

At the same time, the valuation of OpenAI's top competitor Anthropic is also changing.

According to a Bloomberg report on November 6, affected by the sharp decline in AI stocks, potential investors in Anthropic are reassessing its IPO valuation, with the discussion range having dropped from the previous $1.4 trillion to $1.5 trillion to $1.2 trillion to $1.3 trillion, and some investors are even considering a valuation as low as $1.1 trillion.

In addition to valuation pressure, Anthropic's debt financing capacity has also attracted attention. According to a report by the UK's Financial Times, Blackstone Group has told investors that Anthropic may not be able to obtain an investment-grade credit rating after its IPO, and the rating is expected to be at a "junk" bond rating below investment grade.

Anthropic's latest IPO filing also disclosed that the company's cumulative committed expenditures related to procurement commitments and lease agreements amount to approximately $895.4 billion (about 5.98 trillion yuan). The huge infrastructure investment has also made investors pay more attention to whether its revenue growth can cover long-term costs.

However, Anthropic has not given up its listing plan because of this. The latest news shows that the company still plans to push ahead with its IPO before US Thanksgiving, with a target financing scale of $80 billion to $100 billion.

Conclusion: The cash-burning race continues, and attitudes in the capital market have shifted

For OpenAI, as the focus of AI competition gradually shifts to computing power infrastructure and commercialization, how to absorb the growing capital injection and prove its own profitability will directly affect its performance when it eventually enters the public capital market.

Source: Bloomberg

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