# OpenAI Is Raising Into an IPO Delay — Talks at $1.2T or $1.5T, Not a Priced Round

Times of AI Desk · 2026-09-15 · Frontier Labs

[https://timesof.ai/2026/09/openai-1-2-trillion-funding-talks](https://timesof.ai/2026/09/openai-1-2-trillion-funding-talks)

> 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.

| Print | 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)](https://www.bloomberg.com/news/articles/2026-09-15/openai-weighing-funding-round-at-over-1-2-trillion-valuation)
- [The Next Web (relaying NYT): OpenAI eyes a $1.5tn private round (September 16, 2026)](https://thenextweb.com/news/openai-funding-round-1-2-trillion-valuation-ipo)
- [StockAnalysis (relaying WSJ/NYT): OpenAI weighs pre-IPO round at $1.2 trillion-plus valuation (September 16, 2026)](https://stockanalysis.com/news/openai-pre-ipo-round-1-2-trillion-valuation/)
- [New York Times DealBook: OpenAI considers new financing at a $1.5 trillion valuation (September 16, 2026)](https://www.nytimes.com/2026/09/16/business/dealbook/openai-new-funding-round.html)
- [Reuters via CNA: OpenAI mulls funding round at $1.2 trillion valuation ahead of IPO, FT reports (September 15, 2026)](https://www.channelnewsasia.com/business/openai-mulls-funding-round-12-trillion-valuation-ahead-ipo-ft-reports-6387391)