OpenAI is in a hurry, and the reason has a ticker symbol in its future.
The ChatGPT maker is pushing to close a $30 billion funding round before Anthropic’s anticipated IPO, according to Reuters. The goal is to avoid having its private valuation measured against a public one.
The race to lock in a number
OpenAI is seeking commitments from both existing backers and new investors. The round reflects a desired valuation of more than $1.4 trillion.
For context, OpenAI’s previous round closed on March 31, 2026. That raise brought in $122 billion at an $852 billion post-money valuation.
The urgency is largely tied to infrastructure funding needs ahead of a planned 2027 public offering.
Anthropic has already filed a confidential draft S-1 with regulators. That paperwork points to a potential IPO in November 2026.
OpenAI has signaled its own listing will not come until at least 2027. That leaves a window where Anthropic could be the only frontier AI lab with a live, daily-traded price.
How the two rivals stack up
Anthropic raised $65 billion in May 2026 at a $965 billion post-money valuation. That figure sits above the $852 billion OpenAI fetched in March.
Anthropic also reported Q3 revenue of $16.8 billion, a 46% increase.
OpenAI’s annualized revenue run-rate is reported to be between $50 billion and $70 billion following a series of new product launches.
The compute bill comes due
OpenAI estimates $600 billion in compute spending through 2030. Anthropic has disclosed approximately $518 billion in future obligations.
What this means for investors and the AI sector
If OpenAI closes its round before Anthropic lists, it locks in a valuation set by private negotiation rather than public trading.
Anthropic’s IPO would give investors their first clean read on how public markets value a pure-play frontier lab, separate from the cloud giants and chipmakers that have carried the AI narrative so far.
Disclosure is another pressure point. A public company has to show its books on a regular schedule. Private companies can choose what to share and when, a luxury Anthropic is about to give up first.
For OpenAI, the near-term milestones are clear: whether it finalizes the $30 billion round, at what valuation, and how quickly. For Anthropic, it is whether the November 2026 timeline holds and how the market receives the S-1 once it becomes public.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.