OpenAI nears $30B raise at $1.25T valuation, led by Coatue and UAE investors

Verified October 22, 2026.

#What happened

CNBC reported on October 22 that OpenAI is nearing a funding round of up to $30 billion at a $1.25 trillion pre-money valuation, led by Coatue and investors from the United Arab Emirates. The $1.25 trillion figure excludes the new money, so a fully subscribed round implies roughly $1.28 trillion post-money. OpenAI told investors on Thursday it wants signatures by the end of next week, though the final size is still undecided. The round is pitched as an "opportunistic" bridge ahead of a potential IPO. CFO Sarah Friar told staff a listing would likely arrive in 2027, and OpenAI filed confidentially to go public in June. Separately, OpenAI is negotiating a commercial agreement to secure additional computing capacity from the UAE. The company has told investors it expects to spend roughly $600 billion on compute by 2030. Terms have shifted over the week: Bloomberg reported about a month ago that OpenAI was working on a $30 billion raise at a $1.4 trillion valuation. OpenAI declined to comment.

#Why it matters

Above $1 trillion, this would be the most valuable private company on record, raising the bar for OpenAI's IPO. The March round valued OpenAI at $852 billion post-money, so this is a large step up. The bar now presses on Anthropic: CNBC reports Anthropic is seeking a $1.5 to $2 trillion valuation for its public debut after raising $65 billion at a $965 billion valuation in May, and Anthropic also filed confidentially in June.