OpenAI rushing to raise funds worth $30 billion before Anthropic's IPO

OpenAI is seeking to speed up a funding round of about $30 billion that could value the company at more than $1.4 trillion, with the goal of closing it before rival Anthropic's expected mid-November IPO. Anthropic's listing is expected to provide investors with its first detailed financial disclosures; both companies are courting sovereign wealth funds and major institutional investors, and existing OpenAI backers SoftBank Group and Abu Dhabi's MGX are discussing participation in OpenAI's round. OpenAI has told investors that annualized revenue reached $50 billion after the launch of its GPT-6 Astra model and could reach $70 billion by year-end, a metric that projects the current revenue run rate over 12 months rather than income already earned.