OpenAI is in discussions with large investors about a potential new funding round that could value the ChatGPT maker at about $1.2 trillion, according to a Financial Times report cited by people familiar with the matter. The discussions come as the company considers its longer-term plans ahead of a potential public listing.
The conversations are still at an early stage, and the proposed valuation could change over the coming months, the report said. The discussions were initiated by investors rather than OpenAI, according to the report. OpenAI declined to comment on the development.
The potential funding round would represent a significant increase from OpenAI’s most recent valuation. The company closed a funding round in March with $122 billion in committed capital, giving it a valuation of $852 billion.
The latest discussions also come shortly after OpenAI CEO Sam Altman said that the company would not go public in 2026. Altman made the statement on Saturday and cited safety concerns related to artificial intelligence as the reason for the decision.
OpenAI’s potential fundraising plans are therefore being discussed even as the company has indicated that an IPO will not take place in 2026. The current investor conversations remain preliminary, and the valuation under discussion is not final.
The company has been seeking substantial capital as it continues to develop artificial intelligence technology and expand its operations. Its March funding round had $122 billion in committed capital and valued the company at $852 billion. The latest investor discussions could put the valuation at about $1.2 trillion if the proposed funding round moves forward at the level currently being discussed.
The report also places the potential funding discussions in the wider debate around artificial intelligence safety and regulation. OpenAI and rival AI company Anthropic are pushing for greater regulation of artificial intelligence. Both companies have called for measures intended to ensure that the technology is developed in ways that promote safety, amid concerns surrounding security and potential misuse.
OpenAI’s position on an IPO is also relevant to the current discussions. While investors are reportedly initiating conversations around a fresh capital raise, Altman has said that OpenAI will not go public in 2026. His comments were linked to concerns about the safety of artificial intelligence.
The broader AI industry is also seeing other companies prepare for public markets. Anthropic, another major AI company, is expected to begin marketing its initial public offering in mid-October at the earliest. According to a Reuters report cited by Economic Times, Anthropic could complete its listing days before the U.S. midterm elections in November.
For OpenAI, the reported funding discussions remain at an early stage. The proposed valuation of about $1.2 trillion is not confirmed as final and could change as discussions continue. The talks were reportedly initiated by investors, while OpenAI has not commented on the report.
The development follows OpenAI’s March funding round, which closed with $122 billion in committed capital and valued the company at $852 billion. With the company not planning to go public in 2026, according to Altman’s recent comments, discussions around a new funding round could provide another route for investors to participate in the company’s growth before any future IPO.
