OpenAI accelerates fundraising ahead of Anthropic IPO, sources say
OpenAI is rushing to secure about US$30 billion in funding before rival Anthropic's expected market debut in mid-November, aiming for a valuation above US$1.4 trillion. The accelerated timetable reflects competition for similar investors and a desire to avoid comparisons with Anthropic's financial d
OpenAI is racing to secure investor commitments before rival Anthropic's expected public market debut in mid-November, in an unusually fast fundraising that could value the ChatGPT maker at over US$1.4 trillion (HK$10.92 trillion), according to two people familiar with the matter.
The rapid timetable reflects, in part, a desire to get ahead of Anthropic as the two frontier labs are increasingly tapping into a similar investor base, the people said, adding that OpenAI wants to capitalise on its recent revenue growth after launching new models. SoftBank Group, Abu Dhabi-based MGX and other existing backers of OpenAI are in talks to join the round of about US$30 billion, one of the people said.
The acceleration underscores how closely the two AI developers are competing for capital as both pursue trillion-dollar price tags, amid growing concern about rising interest rates, significant volatility in technology stocks and rising scrutiny of AI valuations.
OpenAI held meetings with long-only funds and sovereign wealth funds last week while Anthropic was hosting its own investor day. OpenAI's funding round is expected to move faster than is typical for an offering of its size, the people said.
Investors familiar with the company say OpenAI also needs capital to fund its substantial infrastructure commitments and bolster its balance sheet if a deterioration in the IPO markets further delays its planned 2027 listing.
Though there is high demand for the shares of both companies, investors face the challenge of evaluating and allocating capital to two complex, competing offerings within days or weeks of each other. Some investors view OpenAI's financing push as an effort to lock in capital from funds that might otherwise devote more of their resources to Anthropic's IPO, the people said.
OpenAI and SoftBank declined to comment. Anthropic and MGX did not immediately respond to requests for comment.