OpenAI is in early discussions with investors regarding a fresh funding round that could value the artificial intelligence company at more than $1.2 trillion. The preliminary talks follow a record $122 billion financing round and unfold as CEO Sam Altman rules out a public listing for 2026 amid ongoing infrastructure demands.
Early Talks and Valuation Targets for OpenAI
OpenAI has entered early discussions with major investors about raising fresh capital at a valuation exceeding $1.2 trillion, according to the Financial Times. The talks remain preliminary, meaning the ultimate terms, size, and valuation could still shift before any transaction is finalized. The Financial Times reported that the talks were initiated by investors. OpenAI has declined to comment.
These investor-initiated discussions follow a record $122 billion funding round that valued the ChatGPT maker at approximately $852 billion, inclusive of the newly injected capital. Achieving a $1.2 trillion valuation would represent a substantial jump in the company’s private-market worth, pushing it above rival Anthropic, which recently commanded a private valuation of $965 billion. Anthropic is itself preparing for a potential public listing, adding another layer to the intensifying competition for investor capital in the AI sector.
The continuous capital requirements highlight the immense financial demands of the generative AI sector as OpenAI competes with rivals such as Anthropic and Google. OpenAI spent roughly $34 billion last year, according to the Financial Times, on computing infrastructure, advanced chips, and data centers required to train and operate increasingly powerful AI models. Meanwhile, the company’s business has continued to expand alongside its infrastructure needs, with annualized revenue crossing $40 billion last month, according to a person familiar with the company’s finances cited by the Financial Times. Revenue growth accelerated following the launch of its latest models, including GPT-5.6 and Astra.
Sam Altman on IPO Timelines and Safety Safeguards
Amid speculation surrounding a potential public offering, leadership has pushed pause on immediate public market plans. Fortune has reported that OpenAI confidentially filed for a potential IPO in June. The company has not publicly committed to a listing date, meaning a 2027 listing remains a possibility rather than a confirmed timeline.
“I would say not 2026.”
Sam Altman, CEO of OpenAI, via Fortune
Describing 2026 as an ill-advised moment for a public debut, Altman pointed to ongoing concerns surrounding artificial intelligence safety. He indicated that the organization still has work to do on safety and alignment and on how the AI industry and governments should work together. A fresh private funding round would give OpenAI additional capital while allowing it to remain private for longer, while also giving existing and new investors an opportunity to gain exposure to the company before a potential public listing.
Gulf Infrastructure Partnerships and International Capital
Beyond private funding discussions, OpenAI’s operational footprint relies heavily on international partnerships, particularly across the Gulf, as the UAE has emerged as one of OpenAI’s key international partners and a major centre for AI infrastructure investment.
In May 2025, OpenAI announced Stargate UAE with Abu Dhabi-based G42, Oracle, NVIDIA, SoftBank and Cisco. The project includes a 1-gigawatt Stargate cluster within a planned 5-gigawatt UAE-US AI campus in Abu Dhabi, with the first 200 megawatts originally expected to come online in 2026. OpenAI said the partnership would help the UAE deploy its technology across sectors including government, energy, healthcare, education and transportation.
Sovereign and institutional investors from the region remain deeply embedded in the financial ecosystem surrounding advanced AI. Investors including SoftBank and Thrive Capital have backed the company, while the March round also included major commitments from technology and financial firms. Abu Dhabi-based MGX, an AI-focused investment firm founded by Mubadala and G42, is already an investor in OpenAI. The Information has also reported that OpenAI discussed its earlier financing with Saudi Arabia’s Public Investment Fund and the UAE’s MGX, although those discussions do not establish that either fund is participating in the latest potential $1.2 trillion round. Concurrently, regional infrastructure plans are adapting to shifting security landscapes; Reuters reported last week that the original Abu Dhabi campus design is being reconsidered in favour of a network of facilities with additional security and resilience measures following attacks on US-linked technology infrastructure in the region.