OpenAI's $1.4 trillion ask would mark up its biggest backers' stakes by about two thirds
OpenAI is in early talks to raise $30 billion at about $1.4 trillion, Bloomberg reported, 64% above its $852 billion valuation in March. The price lifts the stakes of SoftBank, Nvidia and Amazon on paper, while reports put the revenue run rate behind it anywhere from $40 billion to $70 billion.
The Investor · Invest desk
What happened
- OpenAI's previous round drew $30 billion each from SoftBank and Nvidia and $50 billion from Amazon, according to Calcalist.
- Bloomberg had earlier reported that OpenAI was considering a round at $1.2 trillion, below the figure now under discussion.
- OpenAI cut some usage allowances on its $200 subscription and introduced a $500 tier with higher limits.
Why it matters
- What doesn't add up contradiction Depending on whether Reuters or Bloomberg has the right revenue figure, the same $1.4 trillion is either 20 or 35 times OpenAI's run rate.
- What it limits constraint With the IPO pushed to 2027 at the earliest, a sale of roughly 2% of the company sets the price for every existing holder until then.
- What it sets up precedent An Anthropic listing above $2 trillion this year would give OpenAI's private buyers a public price for its closest rival well above $1.4 trillion.
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"Nearly double" depends on which earlier number you pick. Calcalist puts the last round at $110 billion on a $730 billion pre-money valuation in February [3]. Quartz describes a $122 billion round that closed in March at $852 billion post-money [5]. The two accounts fit: $730 billion plus $122 billion is $852 billion [16]. That is consistent with a February round that grew by $12 billion before it closed, though none of the reports says so. Pre-money to pre-money, $1.4 trillion is 92% higher [17]. Against the March post-money it is about 64% higher [6].
The new money is small next to the price. Quartz describes the $1.4 trillion as pre-money [2]. On that basis, $30 billion buys about 2.1% of a company worth roughly $1.43 trillion once the cash arrives [21]. The whole round is the size of the single check SoftBank wrote in February, and about a quarter of the March close [22]. Eighteen months ago OpenAI raised more, $40 billion, at a $300 billion valuation [18].
Holders of the other 98% feel the price most. SoftBank and Nvidia put in $30 billion each and Amazon $50 billion in the earlier round [4]. Marked from $852 billion post-money to $1.4 trillion pre-money, each $30 billion stake would be carried at about $49 billion and Amazon's at about $82 billion [19], before any dilution from shares issued in between. None of that is cash. The reports do not say whether any of the three is investing again.
Revenue under the price is in dispute. Reuters reported annualized recurring revenue approaching $70 billion, with enterprise sales more than doubling since July [24]. Bloomberg put annualized revenue past $40 billion, up 70% since July [25]. At $1.4 trillion, the price is 20 times one run rate or 35 times the other [23]. Calcalist notes that a run rate is not revenue actually generated over a full year [26]. OpenAI is also working on price: it trimmed usage allowances on its $200 plan and added a $500 tier [14].
Earlier this year OpenAI missed its own targets for revenue and new users, and CFO Sarah Friar warned colleagues that sluggish revenue growth could leave it unable to honor future computing contracts, The Wall Street Journal reported [20]. Sam Altman said going public in 2026 would be "ill-advised" [8]. The listing is now 2027 at the earliest, despite a confidential filing with the SEC in June [9]. Bloomberg describes the round as runway while the IPO waits [10].
Calcalist renders the Bloomberg target as up to $30 billion [1]. Quartz says at least $30 billion, in talks that are early and could change [7], and one person told Bloomberg that investors are driving the interest [15]. Bloomberg had earlier reported a round under consideration at $1.2 trillion [11]. The new price would pass Anthropic's latest private valuation, according to Bloomberg [13], but Anthropic plans an IPO this year that Cointelegraph says could value it above $2 trillion [12].
I think the $1.4 trillion mostly measures how little OpenAI stock is for sale. It is a 2% slice priced at 20 to 35 times a run rate, sold while the company puts off the market that would price all of it every day. The counter-case is Friar's warning. If revenue cannot cover the computing contracts, the $30 billion is a funding need and the mark is secondary. The view is wrong if the round closes well above $30 billion at this price. Buyers taking a large block at $1.4 trillion would be paying for the business itself.
What to watch
- Whether SoftBank, Nvidia or Amazon commit to the new round, and whether its final size lands above or below the $30 billion target.
- Which revenue figure OpenAI's own disclosures confirm: approaching $70 billion as Reuters reported, or just past $40 billion as Bloomberg reported.
- Where Anthropic's IPO actually prices against the reported above-$2 trillion range.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence50
- Adoption50
- Hype gap+25
- Incentives70
- Confidence60
Perspective Coverage
12 publishers- Builder
- Builder 12%
- Operator
- Operator 14%
- Investor
- Investor 74%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
OpenAI is targeting as much as $30 billion in new funding at a valuation of roughly $1.4 trillion, Bloomberg reported Tuesday.
- [2]
The $1.4 trillion valuation is a pre-money valuation.
- [3]
OpenAI raised $110 billion at a $730 billion pre-money valuation in February.
- [4]
The February round included $30 billion each from SoftBank and Nvidia and $50 billion from Amazon.
- [5]
OpenAI closed a $122 billion round in March at a post-money valuation of $852 billion, anchored by SoftBank, Amazon and Nvidia.
- [6]
The proposed valuation would be roughly 64% higher than OpenAI's $852 billion valuation in March, when it raised $122 billion.
- [7]
OpenAI is targeting at least $30 billion; the discussions are at an early stage and could change.
- [8]
CEO Sam Altman said earlier this month that going public in 2026 would be "ill-advised" as the company focuses on AI safety.
- [9]
OpenAI has pushed its public debut into 2027 at the earliest; it confidentially filed IPO paperwork with the US Securities and Exchange Commission in June.
- [10]
The round is designed to give OpenAI additional runway while it defers a public listing.
- [11]
Bloomberg previously reported OpenAI had been considering a new round at $1.2 trillion.
- [12]
Anthropic is moving ahead with plans to go public this year in an IPO that could value the company at more than $2 trillion.
- [13]
The new valuation would surpass Anthropic's most recent private market valuation.
- [14]
OpenAI trimmed some usage allowances on its $200 plan, per Bloomberg, and unveiled a new $500 subscription tier with higher usage limits, per CNBC.
- [15]
Investors are driving interest in the round, one person said.
- [16]
The $730 billion February pre-money plus the $122 billion March raise equals the $852 billion March post-money; the round size differs from the February figure by $12 billion.
- [17]
A $1.4 trillion pre-money valuation is about 92% above the $730 billion February pre-money.
- [18]
Eighteen months ago, OpenAI was raising $40 billion at a $300 billion valuation.
- [19]
Marked from $852 billion post-money to $1.4 trillion pre-money, a $30 billion stake would be carried at about $49 billion and a $50 billion stake at about $82 billion, ignoring interim dilution.
- [20]
Earlier this year OpenAI missed its own targets for revenue and new users; CFO Sarah Friar flagged to colleagues that sluggish revenue growth could leave OpenAI unable to honor future computing contracts.
- [21]
$30 billion at a $1.4 trillion pre-money implies a post-money of about $1.43 trillion and buys about 2.1% of the company.
- [22]
The $30 billion round equals SoftBank's single $30 billion February check and is about a quarter of the $122 billion March close.
- [23]
A $1.4 trillion valuation is 20 times a $70 billion run rate and 35 times a $40 billion run rate.
- [24]
Reuters reported that OpenAI's annualized recurring revenue is approaching $70 billion, with enterprise sales more than doubling since July.
- [25]
OpenAI's annualized revenue has climbed past $40 billion, reflecting 70% growth since July, Bloomberg reported.
- [26]
The annualized revenue figure is a run-rate measure rather than a direct measure of revenue actually generated over a full year.
Sources
4 independent publishers whose own reporting we read for this story.
- calcalistech.comOpenAI in talks to raise $30 billion at $1.4 trillion valuation | Ctech
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