In March, OpenAI raised $122 billion. It was widely viewed as the company's final private round before going public. |
Then things changed. |
OpenAI is now in early talks to raise at least $30 billion at a $1.4 trillion valuation. |
Here’s how to secure your OpenAI Pre-IPO shares. |
Company: OpenAI (private)
Round size: At least $30 billion
Target valuation: ~$1.4 trillion pre-money
Last round: $122 billion at $852 billion
Expected IPO: 2027 |
That's roughly a 64% markup from the March price in about six months. |
There is no signed deal. There's no term sheet yet. OpenAI declined to comment, and the terms could still change. |
I'm watching two things: who actually invests, and whether SoftBank, Nvidia and Amazon write new checks. |
Don’t wait to find out. Because you can become an IPO insider and buy a stake before it starts trading. Simply go here to get started. |
Here's why this is happening. |
Sam Altman has ruled out going public this year. He called it an "ill-advised moment" for an IPO and pointed to concerns about AI safety. This week, OpenAI also held back its newest model, GPT-6.1 Astra, saying it didn't meet internal safety standards. |
So this round is a bridge. It gives OpenAI cash to keep building while the IPO waits. |
The more interesting detail is who started the conversation. People familiar with the talks say investors approached OpenAI – requesting to invest ahead of the 2027 stock offering. |
The reason is likely due to the rapid revenue growth. |
OpenAI's annualized revenue pace is nearing $70 billion. That's up about 70% since the start of the third quarter. |
That number has moved fast. Bloomberg put the run rate above $40 billion in August. |
The rivalry matters too. Anthropic's last private round valued it at $965 billion in May. A $1.4 trillion mark would put OpenAI back above that on paper. But Anthropic is further along. It has filed confidentially and could list as soon as November. |
Now the math. About $1.43 trillion on $70 billion in annualized revenue is roughly 20 times sales. That's a rich price for a company that's still losing money. |
The bear case is simple. OpenAI is spending enormous sums on data centers, and losses are expected to run for years. Two of its biggest backers, Nvidia and Amazon, also sell it chips and cloud capacity. Critics call that circular. |
The bull case is simple too. Growth at this pace is rare at this size. And $30 billion target raise is small next to March's $122 billion. That looks like existing investors topping up, not a rescue. |
There’s still time for you to grab a stake in OpenAI – at the Pre-IPO price. |
Go here to get the full story – and detailed instructions. |
Ian Wyatt
Editor, IPO Watch |
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