OpenAI Is Racing to Raise $30 Billion Before Anthropic Goes Public

OpenAI is asking investors for about $30 billion on a deadline set by its chief competitor. Reuters reported on October 19, 2026, citing people familiar with the matter, that OpenAI wants to close the round before Anthropic’s expected public listing in mid-November.

The round could value OpenAI at more than $1.4 trillion, well above the $852 billion it reached in March. Nothing is signed. SoftBank Group, Abu Dhabi’s MGX and other existing backers are in talks, and the round is expected to move faster than usual for a raise this size. OpenAI and SoftBank declined to comment, and Anthropic and MGX did not immediately respond.

Neither lab is listed publicly, so your exposure runs through their backers and suppliers. On October 19, Amazon (NASDAQ:AMZN | AMZN Price Prediction) rose 4.98%, and an analyst also named it a Top Pick that day. Microsoft (NASDAQ:MSFT) gained 0.84%, and NVIDIA (NASDAQ:NVDA) added 1.38%.

Why OpenAI Wants Its Money Before November

OpenAI met with long-only and sovereign wealth funds the week before the report, while Anthropic held its own investor day. Only a short list of buyers can write checks this large, and both companies are calling on the same ones.

Once Anthropic is listed, it will set a public price that every private AI valuation gets measured against. If OpenAI raises first, it can set its terms before that benchmark exists.

The cash also works as insurance. It would cover infrastructure commitments if weaker IPO markets push back OpenAI’s planned 2027 listing.

“It’s really a two-horse race in terms of being public,” said Edward Best of Willkie Farr & Gallagher, who is not involved.

What Buyers Are Paying For at These Prices

OpenAI reportedly told investors it reached $50 billion in annualized revenue after launching GPT-6 Astra and expects $70 billion by year-end. Those claims are unaudited.

Anthropic reached roughly $65 billion in annualized revenue by July. Its quarterly revenue rose to $16.8 billion in the third quarter from $11.6 billion in the second. At either valuation, buyers are paying now for years of rapid growth that has yet to happen.

Moreover, OpenAI has accused Anthropic of inflating revenue by counting gross contract values. Anthropic says it follows established accounting practices.

Gross contract value is the full price of a multiyear deal. Recognized revenue is only the portion earned as the service is delivered, so the first method makes a company look larger sooner.

Anthropic reportedly wants an IPO valuation of $2 trillion. Some existing and prospective investors have argued for something near $1.5 trillion after third-quarter results fell short of expectations. OpenAI’s private hedge suggests the same thing: public markets may pay less than private rounds did.

What the Funding Race Means for AI Suppliers

The bull case shows up in supplier results. Amazon booked a $53.4 billion pre-tax gain in its second quarter, mainly from its Anthropic investments. NVIDIA said OpenAI’s existing and planned commitments represent approximately 12 gigawatts of its compute.

Those gains are marks on private stakes, and a lower Anthropic IPO price would cut them. Amazon also committed up to $50 billion to OpenAI’s $122 billion March round, which ties it to both companies. Scale keeps this in proportion, because $30 billion is small next to Microsoft’s $3.96 trillion market value.

Our view is that the AI theme still holds up best through the suppliers, which get paid whichever lab wins, while the lab valuations look extended (we highlighted seven of these picks-and-shovels names, from power to cooling, in a free report you can grab here). The test comes in mid-November. An Anthropic IPO priced below $1.5 trillion would show that public buyers are pricing AI lower.

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