OpenAI is now considering a new private financing round. |
The transaction could value the company at $1.2 trillion, according to a new report from the Wall Street Journal. |
Now is your chance to invest before the 2027 OpenAI IPO. |
Get all the details right here. |
OpenAI isn’t actively seeking to raise money. The offer was unsolicited. |
OpenAI (private)
Last valuation: $852 billion (March 2026)
Proposed valuation: over $1.2 trillion
Q2 2026 revenue: $6.7 billion
Confidential S-1 filed: June 2026
Expected IPO: 2027 |
The Financial Times broke the story Tuesday. The talks are in the early stages with no formal deal signed. OpenAI declined to comment. |
Let’s dig into the numbers. |
A $1.2 trillion mark would sit 41% above the $852 billion post-money valuation from March. That March round pulled in $122 billion from Amazon, Nvidia and SoftBank — still the largest private financing on record. |
Reports suggest that investors floated a $1.2 trillion valuation – while OpenAI is thinking closer to $1.5 trillion. |
Do you want to “front-run” this deal? Here’s your quick access link. |
Here's what's driving it. |
OpenAI released GPT-6 Astra on September 3. The company calls it the most intelligent and most aligned model it has built. It now claims more than 1 billion active users and more than 200 million businesses running on its models. Codex, its coding tool, is growing fast. |
The financial details are less appealing. |
Q2 revenue came in at $6.7 billion, up from $5.7 billion in Q1. That's growth. But the operating margin shrank, and reports put the Q2 operating loss near $12.3 billion. Cash-flow breakeven isn’t expected for a few years. |
That's the tension. Enormous scale. Enormous burn. And a compute bill that doesn't wait for an IPO. |
Now the part I find most interesting. |
Sam Altman told Fortune this month that going public right now would be an ill-advised moment, citing AI safety work. CFO Sarah Friar has told employees to expect 2027. |
Meanwhile Anthropic is targeting an October listing at a valuation that could exceed $2 trillion. |
Anthropic filed first. It posted higher Q2 revenue — roughly $11.6 billion against OpenAI's $6.7 billion. And it also had a profitable quarter on an adjusted basis. |
OpenAI is the bigger brand. Anthropic may be the bigger IPO. |
Here's my takeaway for individual investors. |
If this round closes at $1.2 trillion, the entire move up from $852 billion gets captured privately. Public buyers don't get a shot until 2027, at whatever number the market sets then. |
That's been the pattern across every mega-deal this cycle. SpaceX. Anthropic. Now OpenAI. |
The largest gains are booked before the stock starts trading on the Nasdaq. |
I'd watch three things from here: a named lead investor, an actual term sheet, and whether Anthropic proceeds with an October IPO. |
Now’s your chance to invest in Anthropic and OpenAI. But you must act now – before the prospectus goes live. |
Go here to take the next step. |
Ian Wyatt
Editor, IPO Watch |
