OpenAI funding talks could value the ChatGPT maker above $1.2 trillion, according to multiple reports. The discussions follow a $122 billion March financing and come as the company rules out a 2026 IPO, placing renewed attention on its private valuation, revenue trajectory, product expansion and need for substantial computing capacity.
Key Takeaways
- OpenAI is discussing another private funding round, with reported valuation figures ranging from above $1.2 trillion to about $1.5 trillion
- The company closed a $122 billion round on March 31 at an $852 billion post-money valuation
- OpenAI submitted a confidential draft S-1 in June, but Altman said the company will not go public in 2026
- Axios reported that OpenAI says it is on track to exceed $40 billion in annualized revenue
No completed transaction has been announced. The differing figures reinforce that the valuation remains under discussion rather than established.
Days before the financing reports emerged, CEO Sam Altman confirmed that a public listing would not happen this year. “I would say not 2026,” Altman told Fortune when asked about the timetable.
OpenAI Funding Talks Put a $1.2 Trillion-Plus Valuation in Focus
The latest OpenAI funding discussions would mark another substantial change in the company’s private valuation if a round closes near the figures now being reported. At $1.2 trillion, the valuation would stand roughly 41% above the $852 billion post-money level OpenAI announced in March.
Bloomberg reported that the conversations were initiated by outside backers and that any decision to proceed could depend on when OpenAI chooses to enter public markets. Reuters likewise described the talks as preliminary, meaning the amount raised, participating firms and final valuation could still change.
The New York Times added a higher figure on Sept. 16, reporting that OpenAI was considering financing at roughly $1.5 trillion. That figure does not establish a final price. Instead, current reporting points to a range under discussion rather than a single agreed valuation.
Private-company valuations are also tied to the terms of a specific financing transaction. They are different from a public-company market capitalization, which changes as publicly traded shares move in price.
The discussions arrive during a period of substantial computing expansion across the technology sector. Broader AI infrastructure spending has placed greater attention on hyperscalers, data centers and the cost of supplying the computing resources required by advanced AI systems.
March Financing Sets the Benchmark for the Next Round
OpenAI’s March 31 financing provides the clearest confirmed benchmark for the current talks. The company said it closed the round with $122 billion in committed capital at an $852 billion post-money valuation.
OpenAI tied that financing to research, product development, broader access and computing capacity. Its announcement specifically identified ChatGPT, its developer platform and Codex as parts of the company’s expanding operations.
The company also described durable access to computing resources as strategically important to research, product performance and delivery at scale. That framing makes the size of another potential financing round relevant to how OpenAI supports infrastructure expansion while remaining privately held.
Revenue reporting provides another piece of context. Axios reported on Sept. 3 that OpenAI says it is on track to exceed $40 billion in annualized revenue. The Wall Street Journal separately reported $6.7 billion in revenue for the second quarter, up from $5.7 billion in the first quarter.
Those figures have not been presented through public-company financial filings. Annualized revenue also differs from full-year booked revenue because it extends a recent sales pace across a 12-month period.
Product activity has accelerated at the same time. OpenAI released GPT-6 Astra on Sept. 3 and described it as its most capable broadly deployed model. The company has also continued expanding Codex, its software-development product, which has appeared prominently in recent reporting surrounding OpenAI’s business momentum.
The scale of those products keeps computing requirements central to the company’s financial picture. Rising data center demand across the AI sector provides additional context for why model developers continue seeking greater access to chips, cloud capacity and related infrastructure.
IPO Timing Becomes Central to OpenAI’s Funding Decision
The possible new round is closely tied to OpenAI’s public-listing timetable. On June 8, the company announced that it had confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission while making clear that it had not decided when to proceed.
That timeline became clearer in September. In his Fortune interview, Altman said the company was not rushing toward an IPO and indicated that 2026 was off the table. Reuters separately reported the same position following the interview.
A listing in 2027 or later remains possible, but OpenAI has not announced a date. Another private financing before then could provide additional capital while allowing the company more flexibility over when it enters public markets.
The timing also explains why the latest discussions matter beyond the headline valuation. A completed round would establish a new private-market reference point before a potential IPO, while a decision not to proceed would leave the March financing as OpenAI’s latest confirmed benchmark.
For readers tracking OpenAI funding, the central facts remain limited but significant. The talks are preliminary, reported valuations begin above $1.2 trillion and may extend considerably higher, final terms have not been disclosed, and OpenAI has ruled out a 2026 public listing.
Frequently Asked Questions
What is OpenAI’s reported new valuation?
Current reports place the discussions above $1.2 trillion, while The New York Times reported a figure around $1.5 trillion. OpenAI has not announced a completed round or confirmed a final valuation.
How much did OpenAI raise in March 2026?
OpenAI said on March 31 that it closed a $122 billion funding round at an $852 billion post-money valuation. That remains the company’s latest publicly confirmed financing benchmark.
Is OpenAI going public in 2026?
No. CEO Sam Altman said in September that OpenAI will not go public in 2026, although the company submitted a confidential draft S-1 in June.
Why are the OpenAI funding talks significant?
The OpenAI funding discussions could establish a substantially higher private valuation before a future public listing. They also come as reported revenue rises and the company continues expanding products including GPT-6 Astra and Codex.
