Bloomberg reported Tuesday that OpenAI is in early talks with investors to raise at least $30 billion in a new funding round at a valuation of roughly $1.4 trillion, not including the money raised. The discussions are investor-led and still early, with terms that could change, and OpenAI did not immediately respond to comment requests.

On October 6 Bloomberg followed up with named investors: several UAE funds including MGX in Abu Dhabi are discussing forming a consortium that could contribute up to $10 billion total as core investors, and BlackRock is in discussions to participate alongside it. Existing investors including the University of California endowment, Thrive Capital, and Andreessen Horowitz have also been engaged. OpenAI is offering the ~$1.4 trillion pre-money valuation as a fixed price with no determined lead investor, and has postponed IPO plans until at least next year, citing a focus on AI safety efforts.

The raise would serve as bridge financing ahead of an anticipated IPO and follows the $122 billion round in March at an $852 billion valuation, which was supposed to be the last private raise before going public. Still in active talks with final terms and investors not settled — treat as rumor until OpenAI or the investors confirm.

On October 9 Bloomberg confirmed the fundraising is still live: OpenAI told investors it expects to reach or exceed $70 billion in annualized revenue by the end of 2026, driven largely by enterprise growth, and shared the figures as part of the $30 billion-plus raise discussions at the ~$1.4 trillion pre-money valuation. September annualized revenue was roughly $50 billion. OpenAI pushed its IPO plans to at least next year; Anthropic, whose annualized revenue hit $65 billion by the end of July, is expected to IPO as soon as November.