OpenAI is working on a new funding round that would value the company above any private company in history, ahead of a planned IPO.
OpenAI is in talks to raise $30 billion at a $1.25 trillion valuation, according to TechCrunch. The round would come as the company prepares for a future public listing and continues to burn cash on compute, data centers, and model training at a pace few rivals can match.
A valuation north of $1 trillion for a private company has no precedent. It puts OpenAI in a different category than peers like Anthropic and xAI, and raises the stakes for every enterprise customer, cloud partner, and chipmaker tied to its roadmap.
A valuation this size forces OpenAI's revenue growth and enterprise retention to justify the number before any IPO roadshow. For operators, it signals OpenAI's pricing power and API dependency will only increase, not ease, over the next 12 months.
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