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OpenAI Racing to Raise $30 Billion Ahead of Anthropic Listing

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OpenAI Racing to Raise $30 Billion Ahead of Anthropic Listing

OpenAI is reportedly rushing to lockdown investors before chief competitor Anthropic goes public next month.

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That’s according to a report Monday (Oct. 19) by Reuters, which describes the effort as “unusually fast fundraising” that could bring OpenAI’s valuation to more than $1.4 trillion.

Two sources familiar with the matter told Reuters this timetable is a reflection of OpenAI trying to gain ground on Anthropic as both companies are increasingly courting the same investors.

The sources added that OpenAI hopes to capitalize on recent revenue growth after debuting new artificial intelligence (AI) models. Existing investors including SoftBank and the Abu Dhabi-based MGX are in discussions to join the roughly $30 billion round, one of the sources told Reuters.

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The report notes that this acceleration highlights how closely OpenAI and Anthropic are competing for funding as they target trillion-dollar valuations. This is happening amid increasing concerns over rising interest rates, tech stock volatility and greater scrutiny into AI firms’ valuations, Reuters added.

OpenAI met with long-only funds and sovereign wealth funds last week while Anthropic was holding its own investor day, the report said. Sources told Reuters OpenAI’s funding round is expected to move more quickly than usual for an offering of its size.

Investors familiar with the company say OpenAI also needs funding to cover its massive infrastructure commitments and strengthen its balance sheet if a downturn in the IPO markets delays its initial public offering (IPO), planned for next year .


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