OpenAI Seeks New Funding at $1.2 Trillion Valuation; IPO Likely Delayed Beyond 2027
nashnova research
OpenAI is in early talks with investors for a new private round at roughly $1.2 trillion, up over 40% from its $852 billion post-money valuation in March; CEO Sam Altman says an IPO is unlikely before 2027, intensifying the tug-of-war between fundraising pace and listing timing.
Where does the $1.2 trillion figure come from?
The Financial Times, citing people familiar with the matter, reports OpenAI is targeting a valuation of roughly $1.2 trillion — just months after its last round.
That March round closed at an $852 billion post-money valuation and raised $122 billion.
This means → the company is seeking a 40%-plus markup in a matter of months — driven by product and revenue momentum detailed below.
Who is pushing this round?
People familiar with the talks say investors initiated the discussions, not OpenAI.
The exact valuation figure could still shift; whether the round proceeds depends on when OpenAI ultimately chooses to go public.
In plain terms = investors are lining up to put money in, but OpenAI hasn't said yes — the card it holds is the IPO timeline.
Why is the IPO delayed again?
CEO Sam Altman said last Saturday that an IPO is unlikely before 2027.
He previously called the current moment an "unwise time" to list, citing rising market concerns about AI risks.
OpenAI confidentially filed its IPO prospectus in June but has since pushed back the timeline.
This means → the paperwork is in, but the window hasn't opened — the company is waiting for friendlier market sentiment.
What's behind the product momentum?
OpenAI released GPT-5.6 in July and launched Astra earlier this month; both models are accelerating revenue growth.
People briefed on the figures say last month's annualized revenue topped $40 billion — a roughly 20% jump since GPT-5.6's launch.
This reflects a direct link between new models and paid conversion — product strength remains the hard floor under the valuation narrative.
How close did the competition get?
Anthropic briefly overtook OpenAI with a post-money valuation of $965 billion.
That moment sparked questions about OpenAI's strategic direction and whether its valuation was justified.
This means → the $1.2 trillion target isn't just about raising capital — it's also a valuation response to a shifting competitive landscape.
Is there enough cash to keep burning?
OpenAI has consumed vast sums training models — $34 billion in spending last year alone.
If this round closes, long-term backers such as SoftBank and Thrive Capital can add to their positions, but their wait for an IPO exit grows longer too.
OpenAI insists its cash reserves are ample after the March round, yet people close to the company say bluntly that it "needs capital."
In plain terms = the company says it's flush, but the math is honest — at a $34-billion-a-year burn rate, raising another round is the rational move.
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