OpenAI Accelerates Fundraising to Lock Up Capital Ahead of Anthropic IPO
nashnova research
OpenAI is accelerating a $30 billion funding round, aiming to lock in investor commitments before Anthropic's expected mid-November IPO — a deal that would value OpenAI above $1.4 trillion. The two leading AI labs are now competing head-to-head for the same pool of capital, setting up a real-time stress test for AI pricing in private markets.
Why is OpenAI rushing to raise before Anthropic goes public?
OpenAI fears that once Anthropic launches its IPO, long-duration funds and sovereign wealth funds will redirect capital toward the listing — first mover locks in commitments.
This means → the race is not about cash shortfall; it is about capturing investor attention before a rival absorbs it.
Sources add that OpenAI wants to set its own valuation before Anthropic's financials become public — avoiding a line-by-line comparison.
Who is in this round, and how large is it?
The round targets roughly $30 billion, pushing OpenAI's valuation past $1.4 trillion. Its previous round closed in March at an $852 billion valuation, raising a record $122 billion — including Amazon's commitment of up to $50 billion.
SoftBank, Abu Dhabi sovereign fund MGX, and other existing shareholders are in discussions.
In plain terms = in under six months, OpenAI needs the market to nearly double its price tag — the urgency is to close while investors are still willing to pay up.
How do the two companies' revenue numbers compare?
OpenAI says its annualized revenue has reached $50 billion and projects $70 billion by year-end, driven by user growth following the GPT-6 Astra launch.
Anthropic's annualized revenue hit roughly $65 billion by July; quarterly revenue rose from $11.6 billion to $16.8 billion in Q3, but slowing month-over-month growth has raised valuation concerns among some investors.
This means → on headline annualized figures, Anthropic leads for now. But decelerating growth makes investors hesitate — and that hesitation is exactly the window OpenAI is exploiting.
What is the revenue-accounting dispute about?
OpenAI reports net revenue — stripping out partner revenue shares before booking the number. Anthropic books the full contract value of sales made through third-party cloud providers.
In plain terms = if both sell $100 worth of product, OpenAI reports only the cash it actually keeps; Anthropic reports the full contract amount. The two figures are not directly comparable.
Anthropic says it follows established accounting standards. Edward Best, co-chair of capital markets at Willkie Farr & Gallagher, commented: "OpenAI may want to set its own valuation without worrying about being compared." Best is not involved in the deal.
Does OpenAI have a fallback if market conditions worsen?
Investors note OpenAI needs capital to fund massive infrastructure commitments — and to buffer its balance sheet in case a deteriorating IPO market delays its planned 2027 listing.
The current backdrop: rising rate pressure, significant tech-stock volatility, and tightening scrutiny of AI valuations.
This reflects a deeper signal: OpenAI's accelerated raise is not just about outrunning Anthropic for investors — it is also about buying insurance against a market that could turn before it reaches the public stage.
市场有风险，内容仅供研究参考，不构成投资建议。