Full Breakdown
OpenAI Accelerates Fundraising Ahead of Anthropic’s Planned IPO
By Drooid · · How we work
Accelerated Fundraising Drive
OpenAI is set to launch an accelerated capital-raising effort on October 19, seeking commitments from existing backers such as SoftBank Group and Abu Dhabi-based MGX. Sources say the round could total roughly $30 billion and may push OpenAI’s valuation above $1.4 trillion. The speed of the process is intended to precede Anthropic’s anticipated mid-November public-market debut, limiting investors’ ability to compare the two frontier AI labs directly.
Competitive Context and Market Conditions
Both firms are courting a similar investor base, prompting a “two-horse race” for public-market attention. Anthropic’s upcoming IPO has spurred other late-stage AI and data-center companies to delay or pause listings, citing heightened market volatility, rising bond yields, and scrutiny of AI-related valuations. The broader environment includes a sharp decline in AI-infrastructure equities, with the Philadelphia Semiconductor Index shedding $1.6 trillion in under two weeks.
Financial Scale and Revenue Trends
OpenAI reported third-quarter revenue of $16.8 billion, up from $11.6 billion in the prior quarter, though month-to-month growth has slowed. The company projects annualized revenue of $50 billion after launching its GPT-6 Astra model, aiming for $70 billion by year-end. By contrast, Anthropic’s annualized revenue was estimated at roughly $65 billion as of July. OpenAI’s last disclosed valuation was $852 billion in March, following a record-breaking $122 billion funding round that included a pledged $50 billion investment from Amazon.com.
Official Statements & Responses
OpenAI and SoftBank declined to comment on the fundraising timeline. Anthropic and MGX also did not respond to requests for comment. The company’s chief financial officer, Sarah Friar, is expected to face investor inquiries once Anthropic files detailed financial disclosures, which could invite direct comparisons of revenue growth and accounting practices.
Verbatim Quotes
- “OpenAI could want to set its own valuation and not have to worry about a comp (comparison),” — Edward Best, co-chair of capital markets at Willkie Farr & Gallagher
Outlook
Analysts note that securing capital now could bolster OpenAI’s balance sheet against potential delays in its planned 2027 listing, while also positioning the firm to set its own valuation without immediate competitive pressure from Anthropic’s IPO.