OpenAI is talking to investors about a new funding round of at least $30 billion. According to a Bloomberg report published on Tuesday, the round would value the ChatGPT maker at roughly $1.4 trillion. TechCrunch picked up the story, and OpenAI did not respond to its request for comment.
If the deal closes, it would be a pre-IPO round. Bloomberg describes it as a bridge between OpenAI's last private raise and its expected listing on the public markets next year.
A second "last round"
The timing stands out. In March, OpenAI raised $122 billion at an $852 billion valuation. That round was meant to be the final private raise before the company went public, and until recently the IPO was expected this year.
Anthropic's plan to go public now has numbers attached. Details from the company's confidential S-1 filing, the registration document a company submits to US securities regulators before an initial public offering, were reported late Monday by Reuters and the Financial Times. The filing was prepared in June. It describes a business whose revenue is rising very quickly, whose losses have also grown, and whose long-term computing commitments dwarf both.
Here is what the leaked document shows and why it matters beyond Anthropic.
Revenue: from hundreds of millions to billions per quarter
Anthropic, which is organized as a public benefit corporation (PBC), a US legal structure that obliges a company to weigh a stated public mission alongside profit, brought in $400 million in revenue in 2024. In 2025 that figure reached $4.6 billion.
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