Is OpenAI Worth $1.2 Trillion? Some Investors Think So

OpenAI has reportedly held early talks with investors about a private funding round valuing the company at $1.2 trillion, ahead of a public listing that Sam Altman has now pushed beyond 2026.

Investors started the conversations rather than the company, and the figure could move over the coming months. Timing hinges largely on when OpenAI decides to list.

OpenAI Valuation Talk Jumps to $1.2 Trillion From $852 Billion in March

OpenAI raised $122 billion in March at an $852 billion valuation. A $1.2 trillion mark would add about 41% to that figure.

According to the Financial Times, the talks remain preliminary, and people familiar with the matter said the number could shift. No round size or lead investor has surfaced yet.

The company filed its initial public offering (IPO) prospectus confidentially in June. Chief Financial Officer Sarah Friar had earlier given staff a 2027 timeline, with room to move sooner.

However, last week, Chief Executive Sam Altman closed the door on a 2026 listing, pointing to safety work still ahead for the company.

“I would say not 2026. Yeah, we got a lot of stuff to do, like meeting this moment of what is going to be required for safety and alignment, and how the industry and governments can work together,” Altman told Fortune.

Altman noted that given everything happening with safety, right now would be an “ill-advised moment” to go public. He added that the company does not feel pressure on that front. 

This comes as concerns continue to surface around the pace of AI development. Many have warned that the technology could lead to devastating consequences for humanity.

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The Revenue Gap Anthropic Opened Has Not Closed

OpenAI spent $34 billion last year training its models, though it maintains the March raise left it with ample resources. Still, the company does not expect to break even until 2030.

Annualized revenue passed $40 billion last month after a 20% jump. Anthropic still sets the pace. Its run rate reached $65 billion in July, and it overtook OpenAI on valuation at $965 billion post-money.

Bankers have meanwhile pushed for investment-grade ratings for both labs, a move that would broaden the pool of debt investors.

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