Report: OpenAI plans to accelerate fundraising before Anthropic goes public

OpenAI is accelerating a new round of private fundraising, aiming to secure investor commitments before competitor Anthropic is expected to go public in mid-November. The scale of this round is about $30 billion, and after completion, OpenAI’s valuation may surpass $140 billion.

On Tuesday, according to Reuters citing sources, the fundraising schedule is exceptionally tight, partly because the two leading AI labs are increasingly competing for the same group of investor resources. OpenAI hopes to complete fundraising ahead of Anthropic’s initial public offering. Sources indicate that SoftBank Group, Abu Dhabi sovereign wealth fund MGX, and other existing shareholders are in talks to participate in this round of fundraising.

The fundraising race highlights the intense rivalry between the two AI giants in the capital markets. Amid growing concerns over rising interest rates, significant tech stock volatility, and tighter scrutiny of AI valuations, both companies are chasing trillion-dollar valuations. Investors must evaluate and allocate funds to two complex and competing projects within days or weeks, facing considerable challenges.

Jumping Ahead of Anthropic: Exceptionally Compressed Fundraising Timeline

According to Reuters citing two sources, this round of OpenAI’s fundraising is progressing much faster than is typical for deals of this size. Last week, OpenAI held meetings with several long-term funds and sovereign wealth funds, while at the same time, Anthropic was holding its own investor day event.

Sources point out that one of OpenAI’s motivations for accelerating fundraising is to secure funds from those that might otherwise allocate more resources to Anthropic's public offering before it draws away investor capital. Some investors interpret OpenAI’s move as a capital positioning strategy.

OpenAI also hopes to leverage the recent revenue growth after launching new models to show investors its commercial progress, supporting higher valuation expectations.

Capital Needs: Infrastructure Investment and IPO Preparation

Investors familiar with OpenAI say that, aside from competitive factors, the company faces real funding needs. OpenAI has committed to large-scale infrastructure construction, requiring substantial capital to support operations.

Meanwhile, if the IPO market environment deteriorates further and OpenAI’s original listing plan for 2027 is delayed again, the capital reserves built through this fundraising will also provide stronger balance sheet support.

The fundraising race represents the full-scale competition in the capital market between the two top AI companies. Upon completion of this round, OpenAI’s valuation may exceed $140 billion, while Anthropic is also chasing a trillion-dollar market valuation.

The investor bases of the two companies overlap significantly, making the capital competition more direct. As tech stock volatility increases and skepticism about high AI company valuations grows, investors must make investment decisions for two similarly positioned and directly competing companies in a very short period, placing significant pressure on capital allocation.