OpenAI seeks $30 billion at a $1.4 trillion valuation before Anthropic IPO

what happened

OpenAI is rushing to raise money before its rival Anthropic expects to list in mid-November. Moody's reports, citing two people familiar with the matter, that the ChatGPT maker could raise about $30 billion at a valuation above $1.4 trillion. SoftBank Group, Abu Dhabi-based MGX and other existing backers are in talks to join.

OpenAI wants to capitalize on faster revenue growth after new model launches. According to the sources, it told investors its annualized revenue reached $50 billion and expects $70 billion by year-end. Reuters reported that Anthropic's annualized revenue reached roughly $65 billion by July.

Markets are under strain from rising rates, volatile tech stocks and concern over the cost of AI infrastructure. CoreWeave's shares and debt fell last week over nearly $50 billion in borrowings. Several companies have delayed IPOs, and the Philadelphia Semiconductor Index shed $1.6 trillion in under two weeks.

why it matters

For markets, investors are reassessing AI company valuations and how to allocate capital ahead of large listings. Weaker appetite for tech stocks and debt tied to data centers could weigh on Nvidia, CoreWeave and other AI infrastructure players. Some Anthropic investors reportedly argue for a valuation near $1.5 trillion rather than the desired $2 trillion.

market impact

Tech stocks and AI infrastructure: IPO uncertainty and debt concerns pressure the sector.

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