OpenAI Negotiates Funding at Proposed $1.25 Trillion Valuation

OpenAI is negotiating a funding round of up to $30 billion at a proposed pre-money valuation of $1.25 trillion, with investors from the United Arab Emirates expected to lead and Coatue to participate, according to people familiar with the discussions. The financing is being positioned as a bridge ahead of a potential initial public offering. Its final amount and terms have not been settled, and the $30 billion figure is the maximum OpenAI is reportedly seeking. The company hopes to secure investor signatures by the end of the week after October 22, according to the people familiar with the deal. The proposed valuation is below an earlier reported target of $1.4 trillion, but above the $852 billion post-money valuation reported after OpenAI’s $122 billion funding round in March 2026. The figures reflect different stages of financing discussions; the current proposal is not a finalized valuation. Separately, OpenAI is negotiating a commercial agreement for additional computing capacity in the UAE, a person familiar with those talks said. The potential infrastructure arrangement is distinct from the funding round, and no terms or completed agreement have been announced. OpenAI...