OpenAI nears $30 billion round at $1.25 trillion — $150 billion below its October pitch
OpenAI is close to raising up to $30 billion, led by UAE investors and Coatue, at a $1.25 trillion pre-money valuation, CNBC reported on October 22, 2026. That is about $150 billion below the roughly $1.4 trillion OpenAI pitched to backers earlier in October. The round is framed as a bridge to a possible 2027 IPO, with signatures targeted by the end of October
The three lines
- Deal — up to $30B, led by UAE investors and Coatue, $1.25T pre-money
- Price — $150B below the early-October pitch, $430B above March's mark
- Context — pre-IPO bridge; a UAE compute deal is under negotiation alongside
Key questions
- OpenAI valuation October 2026
- **$1.25 trillion pre-money in the round now being signed.** | Date | Valuation | Note | |---|---|---| | March 2026 | $852B post-money | $122B raised | | September | $1.2T floated | Investor side | | Early October | ~$1.4T | OpenAI's pitch | | Oct 22 report | $1.25T pre-money | Up to $30B |
- When is the OpenAI IPO
- **No date; 2027 is the working assumption.** | Event | Detail | |---|---| | June | Confidential filing | | August, CFO Sarah Friar | Public in 2027 or sooner | | Sept 12, Sam Altman | Now is an 'ill-advised moment' |
- OpenAI vs Anthropic valuation
- **Reports put Anthropic's IPO target higher.** | Item | OpenAI | Anthropic | |---|---|---| | Latest figure | $1.25T pre-money | $1.5T–$2T IPO target | | Revenue marker | ~$50B annualized (end-Sept) | $16.8B Q3 revenue | | Listing | 2027 discussed | Mid-November reported |
OpenAI is taking money at a lower price than it asked for three weeks ago. CNBC reported on October 22, 2026 that OpenAI is close to a round of up to $30 billion led by investors from the United Arab Emirates and the hedge fund Coatue, at a $1.25 trillion pre-money valuation. Investors were reportedly asked to sign by the end of the following week.
The headline is the direction, not the size. Earlier in October OpenAI pitched backers including BlackRock and MGX at roughly $1.4 trillion. It has trimmed about $150 billion.
1. The deal on the table
| Item | Detail |
|---|---|
| Size | Up to $30 billion |
| Leads | UAE investors, Coatue |
| Pre-money | $1.25 trillion |
| Post-money if fully raised | ~$1.28 trillion |
| Nature | Bridge to a public listing |
| Signature target | End of the week after October 22 |
| Alongside | Talks on a commercial deal for more UAE compute |
OpenAI filed confidentially for an IPO in June. CFO Sarah Friar said in August it "will be a public company in 2027," or sooner, while Sam Altman called the current moment "ill-advised" in September.
2. How the price moved
| Date | Valuation | Context |
|---|---|---|
| March 2026 | $852B post-money | $122B raised; Amazon up to $50B, SoftBank, Nvidia |
| August | — | ~$7B employee secondary sale |
| September | $1.2T | Floated by investors |
| Late September | $1.4T for ~$30B | Talks reported |
| Early October | ~$1.4T | OpenAI's pitch |
| Oct 22 report | $1.25T pre-money | Up to $30B |
Even after the cut, the price is about $430 billion above March, a gain of more than 50% in seven months. The trim lands in a nervous week for AI spending: Meta fell nearly 7% on October 22 after its free cash flow turned negative, and Gartner warned earlier in the month of $3.5 trillion in AI infrastructure at risk of impairment.
3. The money behind the number
| Item | Figure | Source |
|---|---|---|
| Q2 revenue | $6.7B, up 18% from Q1 | Company, unaudited |
| End-September annualized net revenue | ~$50B | Company |
| Year-end annualized target | $70B | Person familiar |
| Compute spend target through 2030 | ~$600B | February investor pitch |
| Nvidia compute commitments | ~12GW | Nvidia |
A company running at about $50 billion a year plans to spend roughly $600 billion on compute by 2030. Rounds like this, and compute deals like the one under discussion with the UAE, are how that gap gets bridged.
Anthropic, by contrast, is reported to be targeting $1.5 trillion to $2 trillion for a listing as soon as mid-November.
4. Open questions
- Unsigned: Size and price could still change.
- UAE compute: Whether it is linked to the investment is disputed.
- Other investors: SoftBank and MGX were reported in talks as of October 19.
- Revenue accounting: OpenAI accuses Anthropic of inflating revenue by booking cloud-resold contracts gross; Anthropic says it follows established practice.