OpenAI is moving to speed up a funding round of roughly $30 billion that could value the ChatGPT developer at more than $1.4 trillion. According to Reuters, citing people familiar with the matter, the company wants to lock in the investment before rival Anthropic's expected initial public offering in mid-November.

A tight window before Anthropic's listing

Anthropic is expected to go public in mid-November, an event that would give investors their first detailed look at its financials. Reuters reported that OpenAI aims to complete its own funding round before those IPO disclosures hand investors a clearer basis for comparing the two AI companies.

The two firms are competing for capital from the same pool of sovereign wealth funds and major institutional investors, and both are courting potential backers within weeks of each other. Some investors view OpenAI's push to close its round early as an attempt to secure money that might otherwise flow into Anthropic's IPO, according to Reuters.

OpenAI has already held meetings with long-only investors and sovereign wealth funds. Existing backers SoftBank Group of Japan and Abu Dhabi's MGX are also in discussions about joining the round.

OpenAI makes its revenue case

The company is leaning on rapid revenue growth to support its valuation target. OpenAI has told investors that annualized revenue reached $50 billion following the launch of its GPT-6 Astra model and could climb to $70 billion by year-end.

Annualized revenue projects a company's current run rate over 12 months rather than measuring income already earned. That distinction carries weight here: the figures underpinning OpenAI's valuation target are run-rate projections, not income already booked.

OpenAI has also said price cuts on its cheaper models have lifted usage, with further reductions still possible. Lower prices could draw in more users, though they may also squeeze revenue per customer.

A cautious market for AI capital

Rising bond yields, volatile technology stocks and questions about the debt behind AI data centers have made investors more reluctant to pay up.

That caution has prompted a number of companies to reconsider their listing plans. Blackstone-backed AirTrunk REIT, Nvidia-backed Firmus and SoftBank-backed SB Energy have withdrawn or paused their offerings, while nuclear services company Holtec scrapped its planned US listing last month over uncertainty about data center demand, Reuters reported.

AI infrastructure financing is facing similar scrutiny. CoreWeave's shares and debt prices plunged the previous week as investors reassessed the risks tied to its nearly $50 billion in borrowings.

OpenAI needs fresh capital to fund its infrastructure commitments and strengthen its balance sheet as it also targets an IPO of its own in 2027, particularly if weaker markets lead to any delay in that listing. Near-term markers to watch include whether OpenAI closes its round before Anthropic's mid-November disclosures, and whether annualized revenue climbs toward the $70 billion year-end figure OpenAI has pointed to.