OpenAI Is Raising Into an IPO Delay — Talks at $1.2T or $1.5T, Not a Priced Round
FT, Reuters, and Bloomberg report early investor-led talks valuing OpenAI around $1.2 trillion ahead of an IPO; NYT DealBook the next day reported OpenAI believes it is worth at least $1.5 trillion. Last priced close: $852 billion on $122 billion in March. OpenAI declined comment.
Corrected October 14, 2026: Corrected the $1.5 trillion figure: per NYT (via The Next Web) it is OpenAI's own ask against investors' ~$1.2 trillion proposals, not a conflicting report; sourced the WSJ revenue figures through StockAnalysis; changed 'operating margin fell' to 'still negative'. Replaced an Investing.com copy of the Reuters report that no longer loads with CNA's copy of the same story.
OpenAI is raising into a delay, not listing into one. The trillion-plus ask is talk — investors offered about $1.2 trillion, and OpenAI reportedly wants at least $1.5 trillion.
Financial Times (September 15), relayed by Reuters: OpenAI has held early discussions with large investors about a fresh raise that would value it at about $1.2 trillion ahead of an IPO. Talks were initiated by investors, not the company; the figure may change. OpenAI declined to comment. Last close: March $122 billion committed at $852 billion. Sam Altman on Saturday (Fortune): no 2026 IPO, citing safety. WSJ: Q2 revenue $6.7 billion vs Q1 $5.7 billion; operating margin still negative (as relayed by StockAnalysis).
On September 16, NYT DealBook reported (via The Next Web) that investors proposed about $1.2 trillion but OpenAI believes it should get at least $1.5 trillion — the company’s ask, not a conflicting report. The NYT compared it with the $730 billion March pre-money, not the $852 billion post-money.
| Source | Status | |
|---|---|---|
| ~$1.2T (or >$1.2T) | FT, Reuters, Bloomberg, WSJ | Investor proposals |
| ≥$1.5T | NYT DealBook Sep 16 | OpenAI’s reported ask |
| Last priced | $852B on $122B (March) | Closed |
Limits#
- Treat $1.2T / $1.5T as talk, not a priced round.
- Watch which number bankers actually paper, and how it sits next to Anthropic’s October Nasdaq window.
Sources#
- Bloomberg: OpenAI weighing funding round at over $1.2 trillion (September 15, 2026)
- The Next Web (relaying NYT): OpenAI eyes a $1.5tn private round (September 16, 2026)
- StockAnalysis (relaying WSJ/NYT): OpenAI weighs pre-IPO round at $1.2 trillion-plus valuation (September 16, 2026)
- New York Times DealBook: OpenAI considers new financing at a $1.5 trillion valuation (September 16, 2026)
- Reuters via CNA: OpenAI mulls funding round at $1.2 trillion valuation ahead of IPO, FT reports (September 15, 2026)