Full Breakdown
OpenAI Accelerates $30 B Fundraising Ahead of Anthropic’s Anticipated IPO
By Drooid · · How we work
Accelerated Funding Drive
OpenAI is seeking roughly $30 billion in new capital, positioning the company for a valuation above $1.4 trillion. The push comes before Anthropic’s expected mid-November public-market debut, and the timetable is described as “unusually fast” for a transaction of this size. Existing backers such as SoftBank Group and Abu Dhabi-based MGX are in talks to join the round, while the firm has also met with long-only funds and sovereign-wealth investors. OpenAI and SoftBank declined to comment; Anthropic and MGX did not immediately respond.
Competitive Context
Anthropic, valued at $965 billion after a May funding round, is targeting an IPO valuation between $1.5 trillion and $2 trillion. The company reported third-quarter revenue of $16.8 billion and an annualized run-rate of roughly $65 billion by July. OpenAI says its annualized revenue reached $50 billion following the launch of its GPT-6 Astra model and is projected to hit $70 billion by year-end. Both firms are courting overlapping pools of institutional investors, creating a “two-horse race” for capital.
Data & Statistics
- Funding target: ? $30 billion for OpenAI.
- Valuation goal: > $1.4 trillion for OpenAI; $1.5-$2 trillion for Anthropic.
- OpenAI revenue: $50 billion annualized (current); $70 billion projected.
- Anthropic revenue: $16.8 billion Q3; $65 billion annualized (July).
- Previous valuations: OpenAI $852 billion (March) after a $122 billion round that included up to $50 billion from Amazon.
Official Statements & Responses
OpenAI highlighted accelerated revenue growth after the GPT-6 Astra launch and noted recent price cuts on lower-cost models that have boosted usage. Anthropic maintains that its revenue accounting follows established practices, countering OpenAI’s claim that Anthropic inflates figures by counting the full value of contracts sold through third-party cloud providers. Investors may press OpenAI CFO Sarah Friar for more detail once Anthropic’s disclosures are public.
Criticism & Opposition
Industry observers note that Anthropic’s public-benefit fund, which will initially hold a 5 % equity stake, could dilute future shareholders as the fund expands with valuation gains. Critics argue the structure gives the company control over the money rather than a direct giveaway, raising concerns about transparency and governance. Some investors contend that Anthropic’s $2 trillion target may be unrealistic given recent deceleration in revenue growth.
Conflicting Reports & Gaps
- Revenue accounting: OpenAI reports net revenue after deducting partner shares, while Anthropic reports gross contract values through cloud providers. No consensus exists on which method better reflects economic performance.
- Valuation expectations: Anthropic’s public filings suggest a $2 trillion target, yet a subset of investors advocate for a $1.5 trillion figure. The final valuation remains undisclosed.
- IPO timing: Anthropic plans to market its IPO in early November, but exact filing and pricing dates are unconfirmed. OpenAI’s public-market debut is slated for 2027, with no firm timeline announced.
What’s Next
Anthropic is expected to begin formally marketing its IPO in early November, positioning the offering before year-end. OpenAI’s fundraising round is slated to close in the weeks following the October 19 announcement, aiming to lock in commitments ahead of Anthropic’s disclosures. Both companies will face continued investor scrutiny over revenue metrics, valuation assumptions, and the financing of AI-intensive infrastructure.