OpenAI has raised $15 billion in a funding round that valued the company at $1.25 trillion, people familiar with the deal said.
The company had initially sought as much as $30 billion at a $1.4 trillion valuation. The final amount was about half that target, and the valuation was below an earlier $1.5 trillion goal cited in the source material.
OpenAI has not announced the funding round. A previous $11 billion tranche closed on Nov. 6, 2026.
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OpenAI raised $122 billion in March 2026 at an $852 billion valuation. The latest round increases its valuation by about $398 billion from that level.
The funding has been viewed as preparation for a potential initial public offering, although the timing of an OpenAI listing remains uncertain.
Anthropic is scheduled to price an initial public offering on Nov. 18 and begin trading on Nasdaq on Nov. 19 under the ticker ANT. The company plans to sell 825 million shares at $70 to $78 each, implying a fully diluted valuation of up to $1.405 trillion at the top of the range.
OpenAI’s fundraising terms changed after investors pushed back on its earlier valuation and funding targets, people familiar with the matter said. The company reduced both targets as technology stocks weakened.
Comments from OpenAI Chief Executive Sam Altman and Chief Financial Officer Sarah Friar could provide further detail on the company’s strategic direction and any plans for an IPO.