AI

OpenAI wants investors to pay far more before it goes public

The reported round would raise at least US$30 billion, with Gulf funds and BlackRock among prospective backers. No party has publicly confirmed talks.

OpenAI chief executive Sam Altman in a blue jumper, lit by low sun with a blurred street behind him

OpenAI chief executive Sam Altman. The company is reported to be seeking more than US$30 billion at a US$1.4 trillion valuation. Digitally illustrated image.

By Editor · 6 October 2026

By Jonas Valenti · 2026-10-06

TLDR

OpenAI is in talks to raise at least US$30 billion at a valuation of about US$1.4 trillion, with Abu Dhabi's MGX, other UAE funds and BlackRock among prospective investors. The target valuation sits 64 per cent above the US$852 billion OpenAI carried after its March 2026 raise, and any IPO is now expected no earlier than 2027.

A valuation that doubled in six months

Six months ago OpenAI closed a round at US$852 billion. Now it wants investors to price the company at US$1.4 trillion. Bloomberg reported that OpenAI is in talks to raise at least US$30 billion at that valuation and has pushed any IPO into 2027.^[2] Neither OpenAI nor any named prospective investor has confirmed the discussions publicly, leaving the reported talks without confirmation from the company or any of the prospective investors named in the reports.

The 64 per cent jump in valuation from the March 2026 figure is the part that deserves scrutiny. OpenAI closed that March round with US$122 billion in committed capital at a post-money valuation of US$852 billion.^[1] Investors are now being asked to accept that roughly two-thirds more value has been created in roughly half a year.

Gulf sovereign money and BlackRock

Reuters reported that Abu Dhabi-based MGX and other UAE investment funds have discussed contributing up to US$10 billion collectively, with BlackRock also in talks to participate.^[3] Gulf sovereign capital anchoring a round at this scale carries a geopolitical dimension well beyond ordinary venture backing, given that the prospective funds would come from the UAE and support a US artificial intelligence company.

BlackRock's involvement is a different kind of signal. A major asset manager taking a pre-IPO position at this valuation sets a reference price that institutional investors globally will use when the company eventually lists.

Sam Altman @sama

We have currently committed to about 30 gigawatts of compute, with a total cost of ownership over the years of about $1.4 trillion.

2025-11-06 · View on X

Why the capital need is structural

The appetite for fresh capital is not hard to explain. Sam Altman said the company has committed to spending about US$1.4 trillion to develop 30 gigawatts of compute infrastructure.^[4] That figure spans years, but the near-term draw on capital is large enough that successive giant funding rounds have become the operating rhythm.

Altman's public reasoning for staying private runs alongside that. "I actually think that, given everything happening with safety, right now would be an ill-advised moment to go public, and we don't feel pressure on that," Altman said.^[6] Staying off public markets preserves operating flexibility when compute commitments are measured in the trillions.

Anthropic sets the competitive benchmark

Anthropic filed an IPO prospectus with the US Securities and Exchange Commission targeting a valuation of about US$2 trillion on 30 September 2026.^[5] Anthropic was founded by former OpenAI executives, which makes the comparison unavoidable for any investor being pitched by either company.

OpenAI at US$1.4 trillion and Anthropic at US$2 trillion, both still private, together represent more combined private-market value than almost any comparison a traditional technology investor would reach for. OpenAI's current round is expected to close before its projected 2027 IPO window.

KEY TAKEAWAYS

01OpenAI is seeking at least US$30 billion at a US$1.4 trillion valuation, with no party confirming talks.

02UAE funds including MGX discussed contributing up to US$10 billion collectively to anchor the round.

03The US$1.4 trillion target sits 64 per cent above the US$852 billion valuation set in March 2026.

04Sam Altman committed to spending roughly US$1.4 trillion to build 30 gigawatts of compute infrastructure.

05Rival Anthropic filed an IPO prospectus targeting a valuation of about US$2 trillion on 30 September 2026.

This article contains analysis and commentary on market conditions. It does not constitute financial, investment, or professional advice. Past performance is not indicative of future results. Always consult a qualified adviser before making financial decisions.

SOURCES & CITATIONS

FREQUENTLY ASKED QUESTIONS

What valuation is OpenAI targeting in its new funding round?

Bloomberg reported OpenAI is seeking a valuation of about US$1.4 trillion, which is 64 per cent above the US$852 billion valuation it carried after its March 2026 raise.

Who are the prospective investors in the round?

Reuters reported that Abu Dhabi-based MGX and other UAE investment funds have discussed contributing up to US$10 billion collectively, and that BlackRock is also in talks to participate. No party has confirmed the discussions.

When is OpenAI expected to go public?

Any IPO is now expected no earlier than 2027. Sam Altman said earlier in 2026 that going public now would be ill-advised given everything happening with AI safety.

How does OpenAI's valuation compare with Anthropic's?

Anthropic filed an IPO prospectus with the SEC on 30 September 2026 targeting a valuation of about US$2 trillion, making it the higher-valued of the two major foundational AI companies.

Jonas Valenti

Jonas Valenti writes about search and how businesses get discovered. He has spent years watching what makes a company visible online, and is unsentimental about tactics that no longer work.