OpenAI Seeks $30 Billion Ahead of Anthropic IPO

OpenAI is seeking about $30 billion in new funding at a valuation that could exceed $1.4 trillion, aiming to secure commitments before Anthropic’s expected mid-November public debut, according to people familiar with the discussions. The fundraising remains under discussion, and neither the amount nor the valuation has been finalized. Two people familiar with the matter said OpenAI is pursuing an unusually fast timetable as the two artificial intelligence companies compete for investors. Existing backers including SoftBank Group and MGX are in talks to participate, one person said. OpenAI also met with long-only funds and sovereign wealth funds during the week before the reports were published. The proposed financing would follow a $122 billion funding round in March that valued OpenAI at $852 billion. A valuation above $1.4 trillion would be more than 64% higher. OpenAI is also seeking capital to support its infrastructure commitments and strengthen its balance sheet, according to people familiar with the company. One person familiar with the matter said OpenAI told prospective investors its annualized revenue had reached $50 billion and could rise to $70 billion by the end...