- OpenAI is working on raising up to $30 billion in private funding at a $1.25 trillion pre-money valuation, in a round led by Coatue and investors in the United Arab Emirates, CNBC reported October 22, 2026.
- The new figure is lower than the $1.4 trillion valuation Bloomberg reported a month earlier for what appeared to be the same fundraising effort.
- The UAE portion of the round could be paired with a separate deal securing additional computing capacity for OpenAI, according to CNBC.
- A valuation above $1 trillion would make OpenAI the most highly valued private company on record and raise the bar for its planned IPO, for which it confidentially filed paperwork in June 2026.
What Happened
OpenAI is negotiating a new funding round of up to $30 billion at a $1.25 trillion pre-money valuation, with Coatue and UAE-based investors leading the round, TechCrunch reported on October 22, 2026, citing people familiar with the talks who spoke to CNBC. Terms are still being finalized and could change, both outlets said. OpenAI declined to comment.
Why It Matters
The reported valuation is lower than the $1.4 trillion figure Bloomberg attributed to OpenAI’s fundraising plans a month earlier, suggesting the final terms of the round are still shifting as investors weigh in. Either figure would top OpenAI’s $852 billion post-money valuation from its March 2026 raise.
Technical Details
CNBC reported that the UAE investment could come bundled with a separate arrangement to give OpenAI access to more computing capacity in the region, a structure OpenAI and Gulf state investors have used in past deals to tie capital to infrastructure access.
Who’s Affected
OpenAI’s IPO timeline is directly tied to this round; the company filed confidential paperwork in June 2026, and a valuation above $1 trillion would set a new benchmark for the offering. The talks also carry implications for rival Anthropic, whose own leaked IPO filing points to a $1.5 to $2 trillion target valuation.
What’s Next
Both companies filed confidential IPO paperwork within weeks of each other in June 2026, and reports suggest Anthropic’s public S-1 filing could surface soon, meaning OpenAI’s final valuation here may shape how investors price Anthropic’s competing offering.
