OpenAI considers $1.2‑trillion funding round ahead of IPO, FT says

OpenAI is in early discussions with investors about a new funding round that could value the ChatGPT creator at roughly $1.2 trillion, with some reports indicating a valuation exceeding US$1.2 trillion (about S$1.5 trillion). The talks are being driven by investors, and any decision to proceed will depend on the timing of the company’s planned initial public offering.

The company’s chief executive, Sam Altman, has confirmed that the long‑awaited IPO is still in development but will not occur in 2026. If the fundraising proceeds, it could give OpenAI the flexibility to postpone the listing by one or two quarters, according to people familiar with the matter.

Additional capital would also support OpenAI’s strategy of expanding through mergers and acquisitions. The firm has already spent billions acquiring startups, including Jony Ive’s AI device venture io and Astral, a developer‑focused Python‑tool company.

A funding round of this magnitude could enable OpenAI to outpace its chief rival Anthropic, which secured financing in May at a valuation of about $965 billion. The new capital would provide resources for further acquisitions and product development.

OpenAI is also evaluating legal constraints on the information it can share with private‑market investors ahead of an IPO, a factor that could influence the structure and timing of any fundraising effort.