- The reported $15 billion raise values OpenAI at $1.25 trillion.
- Nvidia has provided about $30 billion and SoftBank about $65 billion, according to CNBC.
- Anthropic’s IPO, priced to imply up to $1.3 trillion, could list as soon as November 19.
OpenAI is reportedly raising another $15 billion at a $1.25 trillion valuation as it lines up capital for its infrastructure commitments. The reported financing is half the $30 billion it initially sought from investors and below its earlier $1.4 trillion valuation target, according to CNBC, which cited sources.
The valuation is about 47% above the $852 billion post-money valuation of OpenAI’s $122 billion round in March 2026. CNBC has described the $1.25 trillion as a pre-money figure, so the comparison is approximate. Bloomberg News reported on November 6 that about $11 billion of the round had already come in.
The raise lands days before rival Anthropic’s planned stock market debut. Disclosure: Anthropic is the maker of Claude, which TFN uses.
OpenAI continues to raise capital amid rising costs
Co-founded in 2015 by Sam Altman, Greg Brockman, Wojciech Zaremba and others, OpenAI has become one of the world’s most valuable private technology companies through the commercial growth of ChatGPT and its expanding AI platform.
However, developing and operating advanced AI models requires heavy spending on computing infrastructure, data centres and chips.
CNBC’s David Faber said Nvidia has provided OpenAI with about $30 billion, while SoftBank has contributed about $65 billion. The company is still seeking more money despite strong revenue growth.
CNBC also reported that OpenAI’s revenue rose about 50% between the second and third quarters. The Information put third-quarter revenue at about $10 billion. Higher revenue has not removed the need for fresh capital as OpenAI pays for computing capacity and model development.
From $300B to $1.25T: OpenAI’s funding trajectory
OpenAI’s valuation has climbed quickly through successive rounds.
In March 2025, the company secured $40 billion from SoftBank at a $300 billion post-money valuation, one of the largest private technology financings at the time.
A year later, OpenAI raised $122 billion at an $852 billion valuation, with Amazon, Nvidia and SoftBank as anchor investors. It then completed a $7 billion tender offer at the same valuation, giving shareholders liquidity.
TFN previously covered the $7 billion tender offer and OpenAI’s attempt to raise $30 billion at a $1.4 trillion valuation.
The $15 billion raise suggests investor demand did not match OpenAI’s initial ambition, even as its valuation keeps rising.
Anthropic IPO intensifies the AI funding race
Anthropic has raised capital fast. In February 2026, it secured $30 billion in Series G funding at a $380 billion valuation. Three months later, it raised another $65 billion in Series H funding at a $965 billion valuation, briefly overtaking OpenAI as the world’s most valuable private AI company.
Now it plans to sell 825 million shares at $70 to $78 each, raising up to $64.4 billion, according to Yahoo Finance. Google, Nvidia, AMD, Broadcom, Micron Technology, Microsoft and TSMC Partners will add $26 billion through a private placement at the IPO price, per Reuters.
The range implies a valuation of roughly $1.2 trillion to $1.3 trillion, close to the $1.25 trillion OpenAI is reportedly raising at. The Wall Street Journal reports Anthropic shares could start trading on Nasdaq under ‘ANT’ as soon as November 19 or 20.
Valuation versus the cost of AI expansion
The OpenAI financing shows how much capital the leading AI companies need to compete. Their valuations rest on expectations for future revenue, enterprise adoption and the infrastructure needed to deliver advanced models.
Rising valuations also bring more scrutiny of cash burn, computing commitments and the path to profitability.
Once Anthropic lists, investors can compare the finances and growth of the two leading AI companies in public. Will public markets pay more for Anthropic’s growth than private investors just paid for OpenAI’s?
