OpenAI is racing to lock down its $30B raise before Anthropic's listing, Reuters reports

#What happened

Reuters reported Monday, October 19, that OpenAI is rushing to lock down investors before rival Anthropic goes public next month, describing the effort as "unusually fast fundraising" that could bring OpenAI's valuation to more than $1.4 trillion.

Two sources familiar with the matter told Reuters the timetable reflects OpenAI trying to gain ground on Anthropic as both companies court the same investors, and that OpenAI hopes to capitalize on recent revenue growth after debuting new AI models. Existing investors including SoftBank and the Abu Dhabi-based MGX are in discussions to join the roughly $30 billion round, one source said.

OpenAI met with long-only funds and sovereign wealth funds last week while Anthropic held its own investor day, and sources told Reuters the round is expected to move more quickly than usual for an offering of its size.

#Why it matters

Investors familiar with the company say OpenAI needs the funding to cover its massive infrastructure commitments and to strengthen its balance sheet if a downturn in the IPO market delays its own initial public offering, planned for next year. Some investors see the financing effort as an attempt to secure capital from funds that might otherwise shift more resources to Anthropic's listing.

Anthropic made its own case at its investor day last week. OpenAI earned almost $3 in revenue for every dollar Anthropic brought in, but Anthropic booked more in a single quarter this year than it did in all of 2025, and did so at a profit. Its revenue went from $4.8 billion in the first quarter to $11.6 billion in the second and $16.8 billion in the third.

OpenAI reportedly told backers its annualized revenue was nearing $50 billion at the end of September, about $20 billion less than the expected $70 billion.

Verified October 20, 2026.