OpenAI targets mind-boggling $1.2 trillion valuation in shock new funding talks

WASHINGTON: OpenAI is holding early discussions with major investors for a private funding round that would rocket its valuation to an astonishing $1.2 trillion.

This comes just months after the ChatGPT developer closed a funding round in March with $122 billion in committed capital, raising its valuation to $852 billion.

OpenAI Chief Executive Officer Sam Altman previously said the company would not go public in 2026, citing safety concerns related to artificial intelligence (AI).

OpenAI and rival Anthropic are seeking greater regulatory controls on artificial intelligence to ensure the technology is developed in ways that enhance safety, amid concerns over security and misuse.

Annualised OpenAI revenue crossed $40 billion recently, boosted by a 20% surge following the roll-out of GPT-5.6.

Massive cash burn

The company spent roughly $34 billion last year on massive data centres and computing power.

Competitive pressure

Rival AI firm Anthropic has weighed its own public debut, heightening the race for dominance.

IPO Timeline

While OpenAI filed a confidential IPO prospectus earlier this year, Altman and executives point to 2027 for a public market debut.

Leadership continues to weigh rigorous safety safeguards and infrastructure readiness over rushing to Wall Street.

Why does staying private matter to these investors?

An IPO does not automatically give existing investors more shares. Instead, it creates a public market in which their existing shares can potentially be sold or valued much more transparently.

Remaining private gives OpenAI another option: raise additional money from private investors before going public.

That is already happening at enormous scale.

OpenAI announced a $110 billion investment round in February 2026, at a $730 billion pre-money valuation, with $30 billion each from SoftBank and Nvidia and $50 billion from Amazon.

OpenAI subsequently said it had closed a $122 billion round at an $852 billion post-money valuation.

And now, as of September 16, 2026, the Financial Times reports that OpenAI is discussing another private financing that could value the company at about $1.2 trillion, before a potential IPO.

Reuters independently reported the same development, attributing it to the Financial Times.

OpenAI’s investor base has expanded dramatically:

• Microsoft — one of OpenAI’s earliest and most important strategic investors. Microsoft invested billions over several rounds and remains a major shareholder. Under OpenAI’s post-2025 restructuring, Microsoft holds a substantial equity stake in OpenAI Group PBC.

• SoftBank — led by Masayoshi Son, SoftBank has become one of OpenAI’s largest financial backers. It committed $30 billion in OpenAI’s February 2026 financing round.

• Nvidia — committed $30 billion in the same 2026 round. Its investment is strategically significant because Nvidia is also a major supplier of the GPUs needed to train and run OpenAI's models.

• Amazon — committed $50 billion, making it the largest participant in the February 2026 round. The investment was announced alongside a major AWS/OpenAI infrastructure partnership.

• Thrive Capital — the venture-capital firm founded by Josh Kushner has been a significant OpenAI investor across earlier financing rounds. Other institutional investors have included Altimeter Capital and a range of venture and institutional funds.