- OpenAI is reportedly in talks to raise at least $30 billion at a ~$1.4 trillion valuation.
- Bloomberg describes it as a bridge round before a public debut now expected in 2027.
- OpenAI raised $122 billion in March at an $852 billion valuation.
- Sam Altman ruled out a 2026 IPO, saying safety work comes first.
What Happened
OpenAI is in talks with investors to raise at least $30 billion at a valuation of roughly $1.4 trillion, TechCrunch reported on September 29, 2026, citing Bloomberg. The round would be a bridge to a public debut that CEO Sam Altman has now pushed beyond 2026.
Why It Matters
A $1.4 trillion private valuation would mark a ~64% jump from the $852 billion set in March, when OpenAI raised $122 billion in what was supposed to be its final private round. That “final” round now has a sequel because the IPO slipped: Altman has ruled out a 2026 listing to prioritize safety work, telling Fortune it is “unacceptable” to run even a 10% risk of catastrophic outcomes this decade. The timing is striking — investors are bidding the valuation up in the same weeks OpenAI paused training amid agent-containment failures and drew an FTC probe.
Technical Details
Per the report, investor appetite rests on growth: a 70% jump in run-rate revenue since July, reaching $40 billion in August, driven by a strategic refocus on areas like coding. The raise would fund the compute buildout behind that growth — the same capital hunger driving multi-billion-dollar GPU debt deals across the industry.
Who’s Affected
Late investors get one more private bite before the listing. Rival Anthropic, whose own IPO could come as early as November, may now beat OpenAI to the public markets. Employees and early backers wait another year for liquidity.
What’s Next
Whether the round closes at $1.4 trillion, and whether Anthropic lists first, are the two markers to watch. OpenAI did not respond to TechCrunch’s request for comment.
