OpenAI Seeks to Accelerate Fundraising Ahead of Anthropic IPO

✦ Meridian Analysis

OpenAI is reportedly racing to secure investor commitments in a fundraising round of about $30 billion before rival Anthropic's expected public market debut in mid-November, according to Reuters. SoftBank Group, Abu Dhabi-based MGX and other existing backers are in talks to join the round, which could value the ChatGPT maker at over $1.4 trillion. OpenAI held meetings with long-only funds and sovereign wealth funds while Anthropic hosted its own investor day, with the round expected to move faster than typical for an offering of its size. OpenAI needs capital to fund infrastructure commitments and bolster its balance sheet if a deterioration in IPO markets delays its planned 2027 listing. The financing push comes amid market volatility, rising bond yields, and growing scrutiny of AI valuations and infrastructure costs. As Meridian reported earlier this month, SoftBank raised $11 billion in a record junk bond offering to fund its OpenAI bet. OpenAI is pitching investors on growth after launching its GPT-6 Astra model, reporting $50 billion in annualized revenue and expecting $70 billion by year-end, while Anthropic reported annualized revenue reaching roughly $65 billion by July. Specific details regarding the exact final valuation, the complete list of participating lenders and institutional investors, and the precise timetable for closing the funding round have not been fully disclosed.

The Meridian Weekly