OpenAI Raises $15B at $1.25T Valuation in Latest Funding Round Amid IPO Plans

OpenAI has raised $15 billion in its latest private funding round, more than previously reported, as the artificial intelligence company moves closer to a potential 2027 IPO.

CNBC’s Kate Rooney reported Thursday that the financing values OpenAI at $1.25 trillion before the new capital, up from earlier reports of approximately $11 billion in fundraising.

The round has not officially closed and is expected to wrap up within the next couple of weeks.

People familiar with the matter described the financing as an opportunistic raise intended to bridge the company to an initial public offering, which it is expected to pursue in 2027.

The funding comes as competition intensifies between OpenAI and rival Anthropic, which is preparing for a potential Nasdaq listing next week.

OpenAI’s Revenue Growth Comes With Heavy Losses

The fundraising comes as investors weigh OpenAI’s rapid revenue growth against the enormous costs of developing and operating AI models.

OpenAI generated approximately $10 billion in third-quarter revenue, nearly 50% more than the previous quarter, two sources told CNBC.

However, the company remains deeply unprofitable. The Wall Street Journal reported operating losses of approximately $10.9 billion, while its adjusted operating margin improved to negative 109% from roughly negative 150%.

The figures underscore the financial challenges facing AI companies as they pour billions into computing infrastructure, data centers and model development.

Anthropic, by contrast, has reported a positive adjusted operating margin of approximately 15%. Direct comparisons remain difficult, however, because the companies’ adjusted figures account for items such as stock-based compensation and charitable contributions differently.

CNBC noted that investors may get a clearer picture once both companies are publicly traded and subject to comparable financial reporting requirements.

Investors Weigh OpenAI’s Valuation Ahead Of IPO

OpenAI’s ability to secure billions of dollars in private capital at a $1.25 trillion valuation also offers a glimpse into investor appetite for the AI sector ahead of a potential wave of public listings.

During CNBC’s discussion, market commentators suggested that keeping valuations relatively measured ahead of an IPO could benefit public-market investors by leaving room for shares to appreciate after listing.

One commentator pointed to Anthropic’s anticipated IPO valuation range of approximately $1.1 trillion to $1.3 trillion, arguing that pricing shares below the highest possible valuation could create more upside for investors entering at the offering.

The fundraising momentum also suggests that private investors remain willing to commit substantial capital to leading AI companies, even as questions about profitability, infrastructure spending and long-term returns persist.

For OpenAI, the latest $15 billion raise provides additional capital as it prepares for its next stage of growth. But with a potential 2027 IPO on the horizon, investors will be looking beyond revenue growth to determine whether the company’s massive investments can eventually translate into sustainable profits.

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