OpenAI is in early talks with investors about a new funding round that could value the company at more than $1.2 trillion, according to a Financial Times report published on September 15, 2026. The discussions were initiated by investors, not OpenAI itself, and no final decision has been made on whether the round will proceed.
The reported valuation would represent a roughly 41% jump from the $852 billion post-money valuation OpenAI achieved in March 2026, when it closed a $122 billion round. The New York Times reported on September 16 that OpenAI internally believes it is worth at least $1.5 trillion, citing growth in its Codex programming product and the recent launch of its GPT-6 Astra model.
What we know
The talks are still in their early stages. The fundraising amount, participating investors, and specific terms have not been determined. A key question hanging over the discussions is timing: any decision to move forward will depend on when OpenAI ultimately decides to go public.
CEO Sam Altman told Fortune earlier that the company's long-anticipated IPO is still in the works but will not happen in 2026. If OpenAI takes the additional funding, it would give the company flexibility to push its IPO back by one or two quarters, according to a person familiar with the matter.
Another motivation for the round is mergers and acquisitions. OpenAI has spent billions acquiring startups, including Apple veteran Jony Ive's AI device company io and Astral, the maker of popular Python developer tools. A fresh cash infusion would let that acquisition spree continue.
The valuation math
| Metric | Value | Source |
|---|---|---|
| Reported target valuation | $1.2 trillion | FT, Sep 15 2026 |
| OpenAI's internal view | ≥$1.5 trillion | NYT, Sep 16 2026 |
| Previous round (March 2026) | $852B post-money | OpenAI announcement |
| Previous round size | $122 billion | OpenAI announcement |
| Valuation increase | ~41% | Calculated |
| 2025 revenue (estimated) | ~$13.07 billion | Leaked/synthesized data |
| Price-to-sales (at $1.2T) | ~92x | Calculated |
A $1.2 trillion valuation would put OpenAI ahead of its chief rival Anthropic, which raised funds in May 2026 at a $965 billion valuation. Anthropic is preparing its own IPO on Nasdaq, seeking to raise as much as or more than SpaceX's record $86.3 billion offering in June, with a listing possible as early as October.
Why it matters
The most striking detail here is who initiated the talks. When investors are the ones knocking on the door — rather than the company shopping itself around — it signals that demand for exposure to frontier AI far outstrips supply. Public markets cannot yet access OpenAI or Anthropic, and private secondary markets are thin. That imbalance is what lets a company already valued at $852 billion command a 41% markup just six months later.
But the math deserves scrutiny. At $1.2 trillion against roughly $13 billion in annual revenue, OpenAI would trade at roughly 92 times sales. Even by hyper-growth tech standards, that is aggressive. For comparison, Nvidia trades at roughly 30-40 times forward earnings, and Microsoft at around 35 times. The bull case rests on the assumption that AI revenue is still in the very early innings — that the $13 billion run rate will multiply several-fold as enterprise adoption accelerates. The bear case is that infrastructure costs scale alongside revenue, keeping margins compressed.
The timing relative to Anthropic's IPO is also telling. If Anthropic goes public in October at a $2 trillion valuation, it will set a public-market benchmark for frontier AI. OpenAI raising at $1.2 trillion now — before that benchmark exists — could look cheap or expensive depending on how Anthropic trades. By waiting, OpenAI risks letting Anthropic's IPO set a ceiling. By raising now, it locks in capital regardless.
There is a subtle irony in a company calling for an AI slowdown while simultaneously pursuing a valuation that implies breakneck growth. Altman has been among the most vocal advocates for pacing frontier AI development, yet the capital markets are rewarding exactly the opposite behavior. The tension between safety rhetoric and growth economics will only sharpen as both companies approach public markets.
What to watch
- Whether OpenAI commits to the round or lets it lapse — a decision expected within weeks
- Anthropic's IPO pricing in October, which will establish the first public-market comp for frontier AI
- OpenAI's Q3 revenue figures, which will test whether the $13 billion run rate is accelerating
- Acquisition activity — the more startups OpenAI buys, the more likely the round is meant to fund M&A rather than operations
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