OpenAI speeds fundraising ahead of Anthropic’s expected debut

Reuters reported that OpenAI is racing to secure investor commitments before Anthropic’s expected mid-November public debut.[1] Its timetable is expected to be faster than usual for an offering of this size.[1] Reuters said the accelerated schedule is partly intended to get ahead of Anthropic as both companies seek money from a similar investor base.[1] The report describes an effort to secure commitments, not a completed financing round; the proposed valuation is also not presented as final.[1] OpenAI and SoftBank declined to comment to Reuters.[1]

OpenAI held meetings with long-only funds and sovereign wealth funds the week before Reuters’ report.[1] Investors familiar with the company said it needed capital for substantial infrastructure commitments.[1] Some investors viewed the fundraising push as an effort to reserve funds that might otherwise go to Anthropic’s IPO.[1] The report also said OpenAI’s balance sheet could be bolstered if weaker IPO markets further delayed its planned 2027 listing.[1] That makes the financing relevant both to near-term spending and to the company’s ability to navigate a possible delay to its listing plans.[1]

OpenAI said it had reached $50 billion in annualized revenue and expected the figure to reach $70 billion by year-end.[1] The company said growth accelerated after the launch of its GPT-6 Astra model.[1] OpenAI also said price cuts on its cheaper models had boosted usage, and told investors it could lower model prices further.[1] Those statements provide context for its growth and pricing plans, but Reuters’ report does not establish how future price reductions would affect revenue or margins.[1]

Anthropic’s annualized revenue was about $65 billion by July, Reuters previously reported, and the company told investors its quarterly revenue rose from $11.6 billion in the second quarter to $16.8 billion in the third.[1] Slower month-to-month growth at Anthropic had raised investor concerns about its valuation.[1] OpenAI was last valued at $852 billion in March, following a $122 billion funding round.[1] Reuters also reported that companies preparing to go public were delaying listings amid market volatility and weaker demand for AI stocks; investor concerns included rising interest rates and scrutiny of AI valuations.[1]