On September 29, OpenAI was reported to be seeking at least $30 billion in early-stage bridge-financing talks at a valuation of about $1.4 trillion, excluding the new money. A September 28 report on Anthropic’s confidential IPO prospectus put a possible listing valuation above $2 trillion. One figure concerns a proposed private financing round; the other, a potential public offering.
OpenAI’s reported target is a private financing round
The reported OpenAI target combines at least $30 billion in sought funding with a valuation of about $1.4 trillion before that new money is added. The talks were described as early-stage, and their terms could change.
The financing was characterized as bridge funding. Separately, OpenAI CEO Sam Altman said on September 12 that OpenAI would not go public in 2026.
Anthropic’s figure concerns a possible IPO
The possible valuation above $2 trillion was reported in connection with Anthropic’s confidential IPO prospectus. It is a prospective figure for a possible listing, not a private financing target like OpenAI’s reported $1.4 trillion figure.
On the reported numbers, Anthropic’s possible IPO valuation is higher. But the figures describe different kinds of transactions, so they are not equivalent offers.
OpenAI’s March round offers historical context
OpenAI was reported to have closed a financing round in March 2026 with $122 billion in committed capital at an $852 billion valuation. That earlier round gives context for the later reported target, while referring to a separate financing event.
Valuation and profitability answer different questions: a valuation estimates a company’s worth for a financing or offering; profitability concerns whether its revenue exceeds its costs.
