OpenAI is seeking at least $30 billion from private investors in a proposed bridge financing round, according to a Bloomberg report, as the ChatGPT developer pushes its potential initial public offering toward 2027.

The company is targeting a valuation of approximately $1.4 trillion, excluding the new investment, Bloomberg reported on September 29. The discussions remain preliminary, however, and the valuation, the size of the funding round, and other terms could still change before any agreement is reached.

If completed, the planned financing would provide an additional pool of private capital ahead of a future public-market listing. Bridge rounds of this kind are typically used to extend a company's private-market runway between major raises. Chief Executive Sam Altman has ruled out an IPO in 2026, citing concerns related to advanced artificial intelligence. That decision leaves OpenAI reliant on private fundraising while it continues preparing for a potential listing the following year.

Even so, the proposed valuation would represent a substantial increase over OpenAI's most recent financing round.

OpenAI's Funding Target Reaches $30 Billion

In March, investors committed $122 billion to OpenAI at an $852 billion post-money valuation, according to the Bloomberg report. The latest target of approximately $1.4 trillion would therefore place the company considerably above the level set in that round. The $30 billion now under discussion would, on its own, amount to roughly a quarter of that entire March commitment, underscoring the scale of capital OpenAI is seeking in a single raise.

OpenAI had previously considered raising capital at a valuation of about $1.2 trillion. The newest target is roughly $200 billion higher, although the figure remains subject to negotiation and has not been finalized.

The fundraising discussions come as OpenAI's revenue continues to climb. Axios reported that the company's annualized revenue is approaching $70 billion, while enterprise sales have more than doubled since July. Reported annualized revenue has also risen by more than 70% since the beginning of the third quarter. These figures represent the company's current annualized operating pace rather than revenue generated over a completed fiscal year.

AI Infrastructure Spending Shapes Investor Demand

OpenAI's financing plans are unfolding alongside intensifying competition with Anthropic, another major AI developer seeking to expand its enterprise business. Anthropic confidentially filed for a U.S. IPO in June, putting it ahead of OpenAI in the public-listing process. Confidential filings of this kind allow companies to begin the listing process without immediate public disclosure of prospectus details. Reuters has reported that Anthropic could seek a valuation above $2 trillion, based on a prospectus reviewed by the news agency.

The capital requirements of both companies also reflect the steep cost of expanding AI computing infrastructure. Anthropic has disclosed approximately $518 billion in future cloud, computing, and infrastructure obligations, while OpenAI is targeting about $600 billion in computing spending through 2030.

Both companies are pursuing enterprise customers as they attempt to translate growing AI adoption into recurring commercial revenue. Their financing requirements consequently extend beyond conventional corporate expansion to encompass large, long-term commitments for computing capacity and infrastructure.

OpenAI has continued to roll out new products even as its IPO timeline shifts. The company recently introduced its Dots AI agent and launched a $500-per-month subscription tier offering higher usage limits and faster processing, alongside changes to its existing $200 plan.

For now, the proposed $30 billion bridge financing would give OpenAI another source of private capital ahead of a potential 2027 public listing. The company still needs to reach agreement with investors on the size of the round, its valuation, and the final financing terms — with the next steps in Anthropic's confidential listing process running in parallel. Until those terms are agreed, both the round's size and OpenAI's valuation remain unsettled.