Reuters: OpenAI is racing to raise about $30B at a valuation above $1.4T before Anthropic goes public.

That would put OpenAI at least 64% above the $852B valuation it reached in March.

Both labs court overlapping long-only and sovereign wealth funds, and OpenAI wants commitments before Anthropic’s filings invite side-by-side comparisons.

Those comparisons are messy: OpenAI books revenue net of partner shares, while Anthropic counts the full value of sales through cloud providers.
Locking in $1.4T before Anthropic’s public S-1 and mid-November debut spares OpenAI a direct comparison now

Anthropic’s third-quarter revenue rose 45% to $16.8B after more than doubling in the second, and the slowdown has some investors arguing for $1.5T instead of $2T.

Investors say OpenAI needs cash for infrastructure commitments in case a market that erased $1.6T from chip stocks in under 2 weeks further delays its 2027 listing.