❯ OpenAI reportedly discusses funding at a $1.2 trillion valuation, seeks private capital before IPO

Early discussionsThe contacts were initiated by investors and remain at an early stage, the Financial Times reported, as relayed by Reuters. The valuation could change over the coming months. OpenAI declined to comment, leaving $1.2 trillion as a discussion figure rather than the price of a completed transaction; the amount being raised has not been disclosed.

Previous roundOpenAI’s financing completed in March included $122 billion in committed capital at an $852 billion valuation, according to Reuters. A deal at $1.2 trillion would represent an increase of about 41%. Committed capital is not the same as cash already received, and the proposed valuation is not the amount the company would raise.

Before listingAltman said on September 12 that the company would not go public in 2026, citing AI safety concerns. Further financing would add capital ahead of a listing if it proceeds. Existing shareholders and incoming investors would need to examine financing terms and dilution, beyond the trillion-dollar valuation headline.

▪ SIGNALThe trillion-dollar valuation remains under preliminary discussion; the round’s practical scale depends on the amount raised, closing conditions and timing of cash receipts.