OpenAI races to secure about $30 billion in commitments ahead of Anthropic IPO
Key Facts
OpenAI is racing to secure investment commitments for a funding round of about $30 billion, according to a Reuters source, ahead of rival Anthropic's anticipated initial public offering. Sources told the news agency the proposed round could value the company at more than $1.4 trillion, with the two companies competing for a similar pool of investors. Abu Dhabi-based MGX is in talks to participate in the round, according to a source cited by Reuters on the fundraising efforts. Investors familiar with the matter link OpenAI's need for funds to its substantial infrastructure commitments, as well as its efforts to strengthen its balance sheet in case its listing is delayed. The push to accelerate commitments comes as Anthropic prepares to enter the stock market, putting the timing of private funding at the heart of competition between the two companies.
The latest efforts follow a round OpenAI announced it had closed in March 2026, saying committed capital totaled $122 billion. In its statement on that round, the company put its post-money valuation at $852 billion, a level the valuation currently under discussion could exceed by a wide margin. MGX was among those co-leading the previous financing, alongside SoftBank and other investors, according to OpenAI's announcement. Its previous participation places the current talks in the context of an existing funding relationship with the company, having already helped lead the capital round announced in March. OpenAI also announced in its statement on the previous round that it had expanded its revolving credit facility to about $4.7 billion, alongside the capital commitments.
Anthropic, meanwhile, announced in May 2026 that it had raised $65 billion in its Series H funding round at a post-money valuation of $965 billion. Its valuation in that round exceeded the valuation OpenAI announced following its March financing, before the current efforts to lift the latter's valuation into trillion-dollar territory. MGX was also among the major investors in Anthropic's round, placing the Abu Dhabi-based investor in previous financings for both rivals. Anthropic said the proceeds would support safety and interpretability research, alongside expanding the computing capacity it needs to meet demand for its Claude assistant. The company described the purpose of the computing expansion as "meeting growing demand for Claude," outlining how it would use the funds raised from investors.
In a Reuters report dated October 15, 2026, some existing and prospective Anthropic investors discussed an IPO valuation of about $1.5 trillion following its latest financial disclosures. The company told IPO investors that third-quarter revenue totaled $16.8 billion, according to figures presented to them and reported by the news agency. That represented an increase of 45% from the previous quarter, the quarterly growth that accompanied investor discussions about the potential valuation at the share offering. Amid concerns surrounding funding for computing expansion, Reuters said CoreWeave shares and bonds fell on the Thursday preceding the report. The news agency linked the decline to investor concerns about reliance on borrowing to finance that expansion, while discussions of Anthropic's valuation were based on its latest disclosures.
OpenAI, for its part, told investors its annual revenue run rate had reached $50 billion, according to a Reuters source who provided details of the company's pitch during its fundraising efforts. The figure presented to investors comes alongside negotiations for new capital commitments, while sources familiar with the matter link its funding needs to infrastructure commitments. As part of preparations to enter the public market, Anthropic confirmed it had confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission. The company said the draft concerned "a proposed initial public offering of our common stock," officially confirming its move toward an IPO following its private funding round. It added in its statement that the offering "will depend on market conditions and other factors," keeping its completion subject to those conditions.
According to Reuters sources, OpenAI is seeking to secure the commitments before Anthropic shares are expected to debut on the market in mid-November, the anticipated timing for its rival. That remains an expected date according to the sources, with Anthropic tying the IPO's execution to market conditions and the other factors cited in its announcement of the draft registration filing. In its pitch to investors, OpenAI projects its annual revenue run rate will rise to $70 billion by the end of 2026, according to the source who spoke to the news agency. The company itself plans to list in 2027, according to the Reuters report, placing its current efforts to secure commitments ahead of its planned stock market debut. Investors familiar with the matter cited by the news agency see the effort to strengthen its balance sheet before that step as also intended to prepare for a possible listing delay, alongside meeting infrastructure commitments.