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Funding ·

Race for capital: OpenAI seeks billions before Anthropic’s stock market debut

OpenAI is speeding up a new funding round, Reuters reports – ahead of Anthropic’s stock market debut, expected in mid-November. The valuation could exceed 1.4 trillion dollars.

TWN newsroom1 min read
Archive image: the office building at 1515 Third Street in San Francisco, then home of OpenAI (June 2025)

Archive image · Photo: Coolcaesar / Wikimedia Commons, CC BY 4.0 (cropped and resized)

OpenAI is seeking investor commitments before rival Anthropic’s expected stock market listing in mid-November, according to a report by the Reuters news agency. The round of around 30 billion US dollars could value OpenAI at more than 1.4 trillion dollars, Reuters reported, citing people familiar with the matter. SoftBank, Abu Dhabi investor MGX and other existing backers are said to be in talks.

Some investors see the move as an attempt to lock up capital that might otherwise flow into Anthropic’s IPO. According to one source, OpenAI’s annualised revenue stands at 50 billion dollars, with 70 billion expected by the end of the year. In March, OpenAI was valued at 852 billion dollars after a 122-billion-dollar round.

There is also a dispute over accounting: OpenAI accuses Anthropic of inflating revenue by booking the gross value of contracts sold through cloud partners; Anthropic says it follows established accounting practices. OpenAI and SoftBank declined to comment, while Anthropic and MGX did not immediately respond to Reuters.

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