OpenAI Races to Secure $30B Before Anthropic's IPO Filing

OpenAI is said to be pushing to raise roughly $30 billion ahead of Anthropic's anticipated IPO in mid-November. According to two sources close to the situation, the funding round could put the ChatGPT developer's valuation above $1.4 trillion.

One of the sources indicated that SoftBank, Abu Dhabi's MGX, and other current investors are in discussions to participate.

Two Valuations Converge

In March, after a record $122 billion funding round, OpenAI was valued at $852 billion. By September, the company was reportedly in early-stage talks with investors at around $1.2 trillion.

The new valuation target would be roughly 64% above the March figure. Since the launch of GPT-6 Astra, OpenAI has been highlighting faster growth and claiming $50 billion in annualized revenue.

Anthropic's valuation, in contrast, has been falling. Following weaker-than-expected third-quarter results, some investors reportedly discussed a valuation near $1.5 trillion, down from the $2 trillion the company had originally sought.

Based on those reported numbers, the two AI labs are now about $100 billion apart in valuation.

Why OpenAI Is Hurrying Before Anthropic's Filing

A source told Reuters that OpenAI wants to complete its fundraising before Anthropic's IPO filing allows investors to make direct comparisons between the two firms.

Revenue recognition methods are at the heart of that comparison. OpenAI subtracts partner shares before recording revenue and has accused Anthropic of recording the full value of contracts sold through cloud providers. Anthropic has defended its approach as following standard accounting rules.

The two labs are increasingly competing for the same investors. Last week, OpenAI met with long-only funds and sovereign wealth funds, while Anthropic held its own investor day.

Reuters reported that demand for shares in both companies remains strong.

As both labs court those funds, some other companies have pulled back. Firmus, SB Energy, and AirTrunk REIT have all halted or withdrawn their listings this year. With fewer options available, Anthropic could become the last major AI-related IPO of 2026.

Anthropic also faces its own risks. A poor market debut could further depress chip stocks, which have already lost $2 trillion over just eight trading sessions.

Anthropic's IPO filing will give investors their first detailed public look at a frontier AI lab's finances. Whether OpenAI secures its funding before that filing is made public could influence how investors evaluate the two labs heading into 2027.