OpenAI Is Trying to Raise $30 Billion, and Its Price Tag Keeps Changing

OpenAI, the company behind ChatGPT, is working to raise up to $30 billion in new money. TechCrunch reported on October 22, 2026 that the company is aiming for a value of $1.25 trillion before that new money is added. This is called the "pre-money" valuation.

The company's previous raise, in March 2026, valued it at $852 billion after the new money was added. That is called the "post-money" valuation. The difference between the two numbers is the amount of new money raised.

According to sources cited by CNBC, the round is led by Coatue and by investors in the United Arab Emirates. TechCrunch reported that the UAE money could come with a deal for OpenAI to secure more computing capacity from the UAE. Computing capacity means the data centers full of specialized chips that run AI systems. If both happen, the money and the computing power would be one negotiated package, not two separate deals.

The terms are still being negotiated and could change. OpenAI declined to comment on the reported raise.

The valuation has moved between reports. Bloomberg reported on September 29, 2026 that OpenAI aimed to raise at least $30 billion at a $1.4 trillion valuation. Later, Reuters reported on October 19, 2026, citing sources, that OpenAI was trying to speed up its fundraising to finish before Anthropic's IPO. Reuters said the raise could value the company at over $1.4 trillion. The latest figure, $1.25 trillion, is stated before the new money is counted.

An IPO, or initial public offering, is when a private company first sells shares to the public on a stock exchange. OpenAI filed confidential paperwork for an IPO in June 2026. Anthropic raised $65 billion at a $965 billion valuation in May 2026, and it filed confidential IPO paperwork in June as well.

Both companies are preparing to go public while still raising private money. On the reported figures, their valuations are now above a trillion dollars.

The broader context here is that a round this size is about computing power as much as it is about money. Training and running advanced AI models is very expensive. A deal that guarantees access to data centers ties the financing directly to the company's infrastructure plans. Whether the UAE arrangement closes as reported, and in what form, will show how far Gulf investors are willing to link their money to specific computing commitments at this scale.

In my view, the number most worth watching is not the headline valuation. It is whether the final terms keep the pre-money figure at $1.25 trillion or move it back toward the $1.4 trillion reported earlier. A change in either direction would show how investors are pricing the two leading AI labs against each other before their public filings become visible.

So far, OpenAI is pursuing up to $30 billion. The reported lead investors are Coatue and UAE-based investors. The terms are unsettled, and the company has not confirmed the round. Anything beyond that is reported intent, not a completed deal.