OpenAI’s next funding round is close to done, and the number on it is smaller than the one that made headlines in September. On 22 October 2026, CNBC reported that the ChatGPT maker is near a round of up to $30 billion at a $1.25 trillion valuation. UAE investors lead it, and it is meant to carry the company to a 2027 IPO.
Key takeaways
- CNBC’s sources say OpenAI is close to finalising up to $30 billion at a $1.25 trillion valuation, with UAE investors leading.
- That is below the roughly $1.4 trillion target reported by Bloomberg on 29 September 2026 and by Reuters on 19 October 2026.
- OpenAI’s last valuation was $852 billion, set in March 2026 when it raised $122 billion.
- The round is a bridge, a stopgap raise that pays the bills until the company lists its shares. CEO Sam Altman has ruled out an IPO in 2026.
- The timing has a rival behind it: Anthropic is expected to go public in mid-November 2026.
What did OpenAI agree in this funding round?
According to CNBC, nothing is signed yet. People familiar with the talks say the deal is close: up to $30 billion of fresh money, with Gulf investors anchoring it. OpenAI had not publicly confirmed the terms when this article was written.
Bloomberg first reported the round on 29 September 2026, describing talks to raise at least $30 billion at about $1.4 trillion, as TechCrunch summarised. A week later, Bloomberg added the names: UAE funds including Abu Dhabi’s MGX had discussed putting in up to $10 billion together as a syndicate, and BlackRock was also in talks.
Who is MGX, and why is UAE money leading?
MGX is Abu Dhabi’s AI investment vehicle, backed by the state fund Mubadala and the AI group G42. It is not new to this table. It took part in OpenAI’s March round and has also backed Anthropic, according to Tech Funding News, citing Bloomberg.
The reason is mostly scale. Few investors can write a cheque near $10 billion, and MGX raised close to $50 billion earlier in 2026 to put into AI infrastructure. For the UAE, owning a slice of the leading AI labs fits a wider plan to turn oil wealth into a stake in what comes after oil. We looked at the Gulf’s version of that bet, and its strains, in Saudi Vision 2030 Under Strain.
Why $1.25 trillion and not $1.4 trillion?
No source has explained the gap on the record, so treat what follows as analysis, not fact. Bloomberg reported that OpenAI was offering $1.4 trillion as a fixed price and had not found a lead investor. A fixed price with no lead is a seller asking a high figure and waiting to see who takes it.
Lead investors usually earn their title by setting the terms. If UAE money now leads, a lower price is a plausible cost of getting a big anchor to commit. It works like a house sale: the asking price makes the headline, but the buyer who shows up with cash decides the final figure.
Here is how the reported numbers compare:
| Round or report | Date | Money | Valuation |
|---|---|---|---|
| March raise (closed) | 31 March 2026 | $122 billion | $852 billion post-money |
| Employee share sale (closed) | August 2026 | $7 billion | $852 billion |
| Bloomberg and Reuters reports | 29 Sept to 19 Oct 2026 | At least $30 billion | About $1.4 trillion |
| CNBC report, near final | 22 October 2026 | Up to $30 billion | $1.25 trillion |
Even the lower number is a big step up. $1.25 trillion is about 47% above March’s $852 billion, reached in roughly seven months.
Is OpenAI worth $1.25 trillion on its revenue?
Revenue figures in the reporting don’t agree. Reuters reported on 19 October 2026 that OpenAI is telling investors its annualised revenue is $50 billion, and that it expects $70 billion by the end of 2026. Annualised revenue, or run rate, means the latest month’s sales multiplied by 12. It is a snapshot, not money already earned.
At $1.25 trillion, investors would be paying 25 times the $50 billion figure, or about 18 times the $70 billion target. For comparison, mature software giants often trade at under 10 times sales. In our view, a buyer at this price is betting less on today’s ChatGPT subscriptions and more on OpenAI becoming the default layer for AI agents and coding tools. If you use those tools at work, our explainer on ChatGPT Business limits shows where that coding demand bumps into real capacity limits.
The other half of the maths is cost. OpenAI spends heavily on chips and data centres, and investors have grown nervous about how that spending is financed. That worry is behind the recent AI selloff in chip stocks.
What does Anthropic’s IPO have to do with it?
A lot. Reuters reported that OpenAI wants commitments in place before Anthropic’s expected stock market debut in mid-November 2026. Anthropic raised money at a $965 billion valuation in May 2026, according to Tech Funding News.
Once Anthropic trades publicly, every investor gets a live price for a frontier AI lab. If that price disappoints, OpenAI’s private number looks stretched overnight. Locking in a valuation first takes that risk off the table. As PitchBook analyst Harrison Rolfes told Tech Funding News, OpenAI also gets to watch how public investors react to audited AI financials before it sets its own IPO price.
What happens next
- Final terms: watch for OpenAI to confirm the size, the valuation and whether $1.25 trillion is counted before or after the new money.
- Other investors: BlackRock, SoftBank and existing backers such as Thrive Capital were all named in earlier reports. The final list will show how far demand reaches beyond the Gulf.
- Anthropic’s listing: its first weeks of trading will act as a public test of private AI valuations.
- The 2027 IPO: Altman told Fortune a listing in 2026 was off, and reports say OpenAI has filed IPO paperwork confidentially. This round is meant to be its last private raise before then.
FAQ
How much is OpenAI raising in this round?
Up to $30 billion, according to CNBC’s 22 October 2026 report. Earlier Bloomberg coverage said at least $30 billion, with UAE funds discussing up to $10 billion of it.
Can I buy OpenAI shares?
Not on a public exchange. OpenAI is still private, and Sam Altman has ruled out an IPO in 2026. Reports point to a listing in 2027.
Why is the valuation lower than the $1.4 trillion reported earlier?
Neither OpenAI nor the investors have explained it publicly. One likely reason is that a lead investor who commits billions usually gets a say in the price. The final terms may also count the new money differently.
Want to know how AI companies are reshaping work as they burn through this cash? Read our look at Anthropic’s junior hiring data next.
This article is for information only and is not investment advice.
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