OpenAI Weighs $1.2 Trillion Pre-IPO Funding

OpenAI is in preliminary, investor-initiated talks about a private funding round at roughly $1.2 trillion, the Financial Times reported on Sept. 15. Bloomberg and The Information carried the same figure within the hour. The mark would be about 41% above the $852 billion valuation locked in March 31 after a $122 billion round that included Amazon’s $50 billion, Nvidia’s $30 billion, and SoftBank’s $30 billion, and about 64% above February’s $730 billion. No deal size, lead, or close date is reported. Days earlier, on Sept. 12, CEO Sam Altman said the company will not list in 2026, calling a 2026 IPO ill-advised and citing the need for meeting this moment of what is going to be required for safety and alignment, and how the industry and governments can work together. OpenAI filed confidentially for an IPO in June with Goldman Sachs and Morgan Stanley leading; Reuters has reported an offering could raise $60 billion or more. What is contested: Dario Amodei’s Saturday essay asked AI labs to pace development and backed a narrow antitrust waiver so rivals could set standards; Jensen Huang, speaking at Dreamforce, called that proposed waiver completely unnecessary. What is unresolved: whether any round closes, at what final valuation, and when a listing comes after 2026 is ruled out.