This report is unconfirmed: OpenAI declined to comment, and the figures come from anonymous sources cited by CNBC and relayed by TechCrunch on October 22. According to those reports, OpenAI is working on a new private funding round of up to $30 billion at a pre-money valuation of $1.25 trillion, with Coatue leading alongside investors in the United Arab Emirates. If completed on those terms, the round would make OpenAI the most valuable private company ever, and it would raise the bar for the public offering the company is also preparing.

What is being reported

TechCrunch’s summary of the CNBC report says the round is still being negotiated, so size and valuation could change. CNBC also reports that the UAE money could come with a separate arrangement to secure more computing capacity for OpenAI from the UAE. That pairing of capital with compute is consistent with how the largest AI deals have been structured: investors that also supply chips, data center capacity or energy.

The report follows an earlier Bloomberg story, roughly a month ago, that described a $30 billion raise at a higher $1.4 trillion valuation. The different valuation figures in the two reports are a reminder that this is a moving target. The $1.25 trillion figure is described as pre-money, meaning the value before the new cash is added.

The valuation ladder

The context helps explain why a private round is on the table at all:

  • March 2026: OpenAI’s last raise valued the company at $852 billion post-money, according to TechCrunch.
  • June 2026: OpenAI filed confidential paperwork for an IPO.
  • Now: a new private round at $1.25 trillion pre-money is reportedly being negotiated rather than moving straight to a listing.

TechCrunch notes that the report suggests OpenAI is choosing another large private round instead of “plowing ahead with an IPO.” We cannot tell from the reporting whether this changes the timetable for a listing, and OpenAI has not said anything publicly.

The Anthropic comparison

Any OpenAI valuation lands next to Anthropic’s. According to TechCrunch, Anthropic raised $65 billion at a $965 billion valuation in May, filed confidential IPO paperwork in June as well, and is reported to be seeking a $1.5 trillion to $2 trillion valuation in a public debut. Rumors cited by TechCrunch suggest a public S-1 could appear “any day now.” We reported separately on details attributed to Anthropic’s draft prospectus, including a large loss and heavy compute commitments; that document is not public either.

The two companies are now in a visible race on private-market valuation, compute access and enterprise customers. A higher OpenAI valuation could shape how public-market investors price Anthropic, and vice versa, which is why each side’s numbers get read closely.

The UAE angle ties into a pattern: frontier labs need both money and physical capacity, and sovereign or state-linked investors can offer both. For OpenAI, extra capacity is a direct input to training and serving larger models. For the investors, the deal is about access to leading AI systems and about hosting infrastructure. Regulators and policymakers in the US and elsewhere have paid close attention to where advanced chips and model access flow; any capacity arrangement tied to this round could draw similar scrutiny, though nothing in the current reporting says so.

What to watch next

  • An official OpenAI announcement confirming, changing or denying the size and valuation.
  • Details of the reported UAE compute arrangement and any export-control questions it raises.
  • Whether OpenAI’s IPO timeline shifts after the round.
  • Whether Anthropic’s S-1 becomes public and how its valuation target compares.
  • The mix of investors and how much of the round is cash versus compute-linked commitments.

Key takeaways

  • CNBC, via TechCrunch, reports OpenAI is working on up to $30 billion at a $1.25 trillion pre-money valuation; the report is unconfirmed.
  • Coatue and UAE investors are reported to lead; the UAE money may be paired with compute capacity.
  • OpenAI was last valued at $852 billion post-money in March and filed confidentially for an IPO in June.
  • An earlier Bloomberg report put a similar raise at $1.4 trillion, so terms are clearly fluid.
  • The valuation would set a reference point for Anthropic’s reported IPO plans.

Frequently asked questions

Has OpenAI confirmed the round?

No. TechCrunch says OpenAI declined to comment, and both CNBC and Bloomberg describe terms as still being negotiated.

What does pre-money valuation mean?

It is the value of the company before new investment is added. A $30 billion investment at a $1.25 trillion pre-money valuation would imply roughly $1.28 trillion after the round, if it closed as described.

Does this mean OpenAI has dropped its IPO plans?

Nothing in the reporting says so. OpenAI filed confidential IPO paperwork in June; the new round would simply raise private capital first, and a higher valuation would set a higher bar for any listing.