OpenAI races to raise $30 billion at $1.4 trillion valuation ahead of Anthropic IPO

OpenAI is accelerating efforts to secure approximately $30 billion in new funding before rival Anthropic’s expected stock market debut in mid-November, in a fundraising round that could value the ChatGPT developer at more than $1.4 trillion, Reuters reported Monday, citing people familiar with the matter. The unusually compressed timetable reflects intensifying competition between the two AI developers for capital from sovereign wealth funds and institutional investors. SoftBank Group, Abu Dhabi-based MGX and other existing OpenAI backers are in talks to participate in the round, according to Reuters. OpenAI and SoftBank declined to comment, while Anthropic and MGX did not immediately respond to requests for comment.