OpenAI Raises $11 Billion at $1.25 Trillion Valuation
OpenAI has raised $11 billion in a new funding round that values the company at $1.25 trillion, according to Bloomberg and confirmed by OpenAI CFO Sarah Friar in a TV interview. The funds reached OpenAI’s accounts by Friday, November 6, 2026.
The round is part of a larger funding effort that could total about $20 billion, with the remaining amount expected to close in the coming weeks. Lead investors, terms, and use of proceeds were not disclosed. SoftBank and Abu Dhabi’s MGX took part in the round.
The valuation is below what OpenAI initially sought. Press reports said the company first aimed to raise $30 billion or more at a $1.4 trillion valuation, with two investors putting the first ask at $1.5 trillion. Friar challenged the higher figure, saying it started with a media report and never came from OpenAI. The smaller round follows a selloff in AI stocks and the results of the U.S. midterm elections, which sources say showed public opinion turning against AI companies and data center projects.
In March, OpenAI raised $122 billion from investors at a valuation of $852 billion. Friar called the new price almost 50% above March, though 24/7 Wall St. noted the implied step-up is roughly 46.7% and should be treated as approximate because her figure is pre-money and March’s basis is unclear.
Friar said OpenAI’s business grew 70% quarter over quarter in the third quarter, its enterprise business doubled, and revenue splits about 50% each between consumer and enterprise. She cited 1.2 billion weekly ChatGPT users and an ads run rate of $1 billion by August. She gave no revenue dollar figures. Asked about the election, she said, "The demand for AI is real."
OpenAI’s rival Anthropic filed its S-1 to go public last week and plans to list on Nasdaq in mid-November. Some investors now value Anthropic at about $1.5 trillion, down from roughly $2 trillion in earlier expectations. TechCrunch reported that some potential buyers believe Anthropic’s valuation could be as low as $1.1 trillion.
OpenAI CEO Sam Altman has said the company is holding off on its own IPO until it can make more confident claims about its models’ safety. He did not give a specific timeline, but said at the time, "I think it’s also kind of bad for the world if OpenAI waits too long to go public."
