OpenAI has entered the final stages of raising up to $30 billion in funding based on a valuation of $1.25 trillion. The round is being pursued as bridge financing ahead of a potential initial public offering.

On Oct. 22, CNBC reported, citing multiple people familiar with the transaction, that OpenAI's valuation is expected to exceed $1 trillion. The company is pursuing a plan to raise up to $30 billion, and the $1.25 trillion valuation is based on a figure excluding new money coming in this round.

The funding round is being led by investors from the United Arab Emirates, and Coatue is also expected to participate. OpenAI told investors on Oct. 22 that it aims to secure signatures by the end of next week. The final fundraising amount has not been determined.

OpenAI is reported to have presented the fundraising as "opportunistic". That means it is primarily aimed at securing capital capacity ahead of a potential listing. Sarah Friar (세라 프라이어), OpenAI's chief financial officer, has previously told employees internally that the timing of an IPO is likely to be 2027.

Separately from the investment talks, OpenAI is also discussing a commercial contract with the United Arab Emirates. The core of the agreement is to secure more computing capacity locally. One source said the plan could help OpenAI secure additional computing resources as it expands its artificial intelligence business.

OpenAI's large fundraising is being pursued at a time when sentiment toward tech stocks is wavering. Markets are watching concerns around CoreWeave along with fundraising conditions as interest rates rise. Demand for funding for large AI companies remains strong, but investors are continuing to test what terms they will deploy capital on.

Against that backdrop, a potential IPO by Anthropic is also being cited as a factor in gauging market demand. OpenAI is already proceeding with the listing process in a non-public manner. If the funding round is completed, OpenAI is more likely to broaden its business base by securing both capital and computing resources until it lists.