❯ OpenAI nears a funding round of up to $30 billion at a $1.25 trillion pre-money valuation

A bridge before listingOpenAI is nearing a round of up to $30 billion at a $1.25 trillion pre-money valuation, CNBC reported on October 22. UAE investors and Coatue are leading it. The company wants signatures by the end of next week, although the final size remains unsettled.

Two different numbersPre-money value excludes the incoming capital. Raising the full amount on those terms would imply a roughly $1.28 trillion post-money value by simple addition. That calculation is conditional: the financing has not closed, and it is not an IPO price.

Funding continued usageOpenAI sells ChatGPT subscriptions, enterprise services and model API access. More users and longer agent tasks require computing capacity. CNBC also reported separate talks for UAE compute supply and a previously stated target of roughly $600 billion in cumulative compute spending through 2030. The investment and commercial agreement are distinct.

Time before public pricingThe round is described as an opportunistic bridge to a potential IPO. CFO Sarah Friar previously told staff to expect a public company in 2027, but no debut date has been disclosed. A completed raise would support development and capacity expansion before public-market pricing.

▮ SIGNALBridge financing gives OpenAI time to fund development and serving capacity before public investors set a price.