OpenAI is pushing to raise more than $30 billion in new investment and is said to be discussing ways to lift its valuation to about $1.4 trillion. At the same time, its revenue is accelerating, led by corporate customers, raising the possibility that OpenAI's valuation could jump again ahead of an initial public offering.

On Sept. 29, foreign media including Bloomberg reported that OpenAI is holding early-stage talks with investors about raising at least $30 billion. Investor demand is said to be driving the discussions. The fundraising is expected to be a bridge round aimed at boosting its valuation before an IPO. Terms could change because talks are still at an early stage.

The valuation under discussion is about $1.4 trillion, around 64 percent higher than the $852 billion valuation OpenAI received in its March fundraising. OpenAI raised $122 billion at the time. If the new investment goes through, OpenAI would be recognised as having one of the world's highest valuations even before an IPO.

Recent surging revenue is cited as a factor supporting the higher valuation. U.S. media outlet Axios reported that OpenAI's annualised revenue rose by more than 70 percent since the start of the third quarter to nearly $70 billion. Business-to-business revenue more than doubled over the same period. New revenue in the consumer segment in the third quarter was also said to have exceeded the revenue added over all of 2025.

That marks a sharp change from just a month or two ago. OpenAI's revenue was $6.7 billion at the end of the second quarter, up 18 percent from $5.7 billion in the first quarter. By contrast, rival Anthropic's revenue more than doubled over the same period to $11.6 billion from $4.73 billion. Anthropic's annualised revenue reached about $65 billion in July and at one point surpassed OpenAI, but the gap has narrowed as OpenAI's corporate customer revenue has risen rapidly.

OpenAI's revenue growth alone makes it difficult to judge profitability. With the company not officially disclosing its spending, OpenAI's second-quarter operating loss was said to have widened to $12.3 billion from $9.3 billion in the first quarter. OpenAI and Anthropic have also recently sharply cut API prices for their latest AI models, sustaining price competition.

The IPO timetable shows OpenAI and Anthropic taking divergent paths. OpenAI confidentially submitted IPO-related documents to the U.S. Securities and Exchange Commission in June, but OpenAI Chief Executive Sam Altman (샘 알트먼) said this month a 2026 listing was "not desirable" and ruled out a listing this year. He has said AI safety issues should be addressed first.

Altman also mentioned risks that advanced AI systems could bring at the U.N. Security Council earlier this month. That increases the likelihood that OpenAI's IPO could slip to as early as 2027. Anthropic, meanwhile, is pursuing an IPO this year with a target valuation above $2 trillion.

In the end, OpenAI appears to be choosing a strategy of raising additional large-scale investment to secure funds while lifting its valuation another step, rather than rushing to list. As rapid revenue growth and valuation gains continue, attention is on whether the $30 billion fundraising will materialise and how its post-2027 IPO strategy will take shape.