OpenAI nears up to $30bn funding round at $1.25tn valuation, led by Coatue and UAE investors

OpenAI is close to finalizing a funding round of up to $30 billion at a $1.25 trillion pre-money valuation, CNBC reported on 22 October, citing unnamed sources. The round is reportedly led by the US investment firm Coatue, with investors from the United Arab Emirates taking part. Terms are still being negotiated and OpenAI declined to comment.Sources:1TechCrunch: OpenAI working on new $30B raise at $1.25T valuation ahead of IPO, TechCrunch, 22 October 2026 (source, opens in a new tab)2PYMNTS: OpenAI Aims to Lock In $30 Billion Funding Round by Next Week, PYMNTS, 22 October 2026 (source, opens in a new tab)

OpenAI told investors it aims to secure signatures by the end of next week, and the final size has not been set, according to CNBC. The company describes the raise as an "opportunistic" bridge before a potential IPO; it filed confidential IPO paperwork in June.Sources:1TechCrunch: OpenAI working on new $30B raise at $1.25T valuation ahead of IPO, TechCrunch, 22 October 2026 (source, opens in a new tab)2PYMNTS: OpenAI Aims to Lock In $30 Billion Funding Round by Next Week, PYMNTS, 22 October 2026 (source, opens in a new tab)

The valuation is below the $1.4 trillion target reported by Bloomberg about a month earlier, but above the $852 billion post-money valuation of OpenAI's March round. At over $1 trillion it would make OpenAI the most highly valued private company ever. CNBC also reported that the UAE money could be paired with a deal giving OpenAI more computing capacity in the UAE.Sources:1TechCrunch: OpenAI working on new $30B raise at $1.25T valuation ahead of IPO, TechCrunch, 22 October 2026 (source, opens in a new tab)

Reuters reported on 19 October that OpenAI was rushing to lock in investors before Anthropic goes public, as both companies court the same backers. Anthropic, which filed confidentially for an IPO in June, is reportedly seeking a $1.5 trillion to $2 trillion valuation, and its public filing could come any day.Sources:1TechCrunch: OpenAI working on new $30B raise at $1.25T valuation ahead of IPO, TechCrunch, 22 October 2026 (source, opens in a new tab)2PYMNTS: OpenAI Aims to Lock In $30 Billion Funding Round by Next Week, PYMNTS, 22 October 2026 (source, opens in a new tab)