OpenAI has held early conversations with investors about raising another private funding round at a $1.2 trillion valuation ahead of its planned initial public offering, according to the Financial Times1,3. Separately, the New York Times reported that investors recently approached OpenAI with a proposal to invest at that $1.2 trillion figure, but OpenAI believes its value should be at least $1.5 trillion2.
A round at either threshold would roughly double the valuation of the company behind ChatGPT and establish it as the world's most valuable private company, according to the New York Times report.
The Financial Times reported that OpenAI could capitalize on demand for its technology following recent model launches.
ANALYSIS The gap between the $1.2 trillion investor proposal and OpenAI's $1.5 trillion floor sets up a negotiation dynamic in which the final valuation will serve as a market-wide reference point for private AI-company pricing.
Both reports frame the round as a pre-IPO raise, linking the capital event to OpenAI's broader trajectory toward public markets. ◆ Securing a large private round at a trillion-dollar-plus valuation before listing would give OpenAI additional runway and a public-market entry price anchored well above its last known fundraise.