• OpenAI is in talks to raise new capital at a valuation of roughly $1.25 trillion, a 47% increase from its March round.
  • The fundraising target has been trimmed to as much as $20 billion from an earlier $30 billion amid a tech selloff and investor scrutiny.
  • Enterprise customers now drive most of OpenAI's revenue, and management eyes a potential IPO in 2027.

OpenAI is in active discussions with investors to raise new funding at a valuation of approximately $1.25 trillion, Chief Financial Officer Sarah Friar confirmed, marking a nearly 50% increase from the $852 billion valuation from its March fundraising. The talks, first reported by CNBC (NASDAQ:VSNT), underscore the company's rapid growth but also come as investors grow more discerning about AI spending.

The valuation would represent a 47% uplift from March, but it remains below the $1.4 trillion figure that OpenAI initially sought, according to people familiar with the matter. The company has also reduced its fundraising target from an earlier $30 billion to as much as $20 billion, CNBC reported, as a technology-stock selloff and heightened scrutiny of AI investments weigh on sentiment. Final terms are still subject to change, and the distinction between pre-money and post-money valuation remains a point of clarification in reports.

"What institutional investors like us are really focused on is regulatory stability," Friar said in an interview, adding that the company is seeing strong demand from both enterprise and consumer segments. OpenAI's annualized revenue reached approximately $50 billion at the end of September, according to information shared with investors, with enterprise customers now contributing more than half of sales, up from about 30% previously. President Greg Brockman noted that annualized revenue grew about 70% in the third quarter, with the enterprise business roughly doubling.

Enterprise Push and IPO Readiness

Brockman said this week that OpenAI could be ready for an initial public offering in 2027. The company confidentially filed a prospectus with the SEC in June, and when asked if it would be IPO-ready next year, Brockman replied, "I think so." The comments signal a potential listing but do not constitute a scheduled offering.

OpenAI's shift toward enterprise sales puts it in direct competition with Anthropic, which Reuters (NASDAQ:TRI) reported is likely to go public before year-end. The two rivals are vying for both corporate customers and investor capital. Brockman acknowledged a challenging first half as Anthropic gained ground, but attributed OpenAI's third-quarter recovery to enterprise adoption and coding tools.

The company's infrastructure ambitions remain vast. OpenAI has told investors it targets roughly $600 billion in total computing expenditure through 2030, a forward-looking figure that underscores its need for continued capital. That spending plan, however, comes as investors demand clearer returns on AI infrastructure, a shift that contributed to the reduced fundraising target.

Governance and Regulatory Context

OpenAI's restructuring in October 2025 created OpenAI Group PBC, a public benefit corporation, while the nonprofit OpenAI Foundation retained control. The move followed engagement with the California and Delaware attorneys general and aims to balance capital raising with mission-oriented governance. Microsoft (NASDAQ:MSFT) held approximately 27% at the 2025 recapitalization, a figure that may have changed with subsequent fundraising.

In Europe, the EU AI Act imposes requirements on OpenAI's models and customers, including restrictions on prohibited uses and obligations for general-purpose AI. OpenAI says its compliance approach includes safety practices aligned with the EU's Code of Practice. These obligations remain relevant regardless of fundraising success.

The proposed financing is led by UAE investors alongside Coatue, and OpenAI has also been negotiating access to additional UAE computing capacity, linking cross-border capital with physical infrastructure. However, no new government agreement or regulatory approval has been established.

Friar also said OpenAI would continue investing in infrastructure despite what CNBC described as a voter rebuke of data centers in the midterm elections. Her comments connect fundraising directly with the political challenges of sustaining the buildout, though the report did not specify individual ballot measures or jurisdictions.

For now, the CFO's confirmation is evidence of active negotiations, not proof that investors have committed the full proposed valuation. The next decisive developments will be a confirmed closing, the amount actually committed, and consistent disclosure of whether the valuation is pre- or post-money. Until then, the headline percentage uplift should be viewed with caution.

Correction: An earlier version of this article misstated the valuation basis as post-money; reports have described it as both pre-money and post-money, and the final basis remains unsettled.