OpenAI is racing to secure investor commitments before rival Anthropic’s expected public market debut in mid-November, in an unusually fast fundraising round that could value the ChatGPT maker at more than $1.4 trillion, according to two people familiar with the matter.

The rapid timetable reflects, in part, a desire to get ahead of Anthropic as the two frontier AI labs increasingly tap into a similar investor base, the people said, adding that OpenAI wants to capitalise on its recent revenue growth following the launch of new models. SoftBank Group, Abu Dhabi-based MGX and other existing backers of OpenAI are in talks to join the round, which is expected to raise about $30 billion, one of the people said.

The acceleration underscores how closely the two AI developers are competing for capital as both pursue trillion-dollar valuations, amid growing concerns about rising interest rates, significant volatility in technology stocks and increased scrutiny of AI valuations.

OpenAI held meetings with long-only funds and sovereign wealth funds last week, while Anthropic was hosting its own investor day. OpenAI’s funding round is expected to move faster than is typical for an offering of its size, the people said.

Investors familiar with the company say OpenAI also needs capital to fund its substantial infrastructure commitments and bolster its balance sheet if a deterioration in IPO markets further delays its planned 2027 listing.

Although demand for shares in both companies is high, investors face the challenge of evaluating and allocating capital to two complex, competing offerings within days or weeks of each other.

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