OpenAI reportedly seeks $30B at $1.25T valuation

What happened: OpenAI is working on a new raise of up to $30 billion at a $1.25 trillion pre-money valuation, according to sources who spoke to CNBC. TechCrunch reported the story on 22 October.

The numbers: Up to $30 billion, at $1.25 trillion before the new money goes in. A month earlier, Bloomberg reported OpenAI was seeking $30 billion at a $1.4 trillion valuation.

Who's affected: Coatue is reported to lead the round. Investors from the UAE are also taking part. CNBC says the UAE money could be tied to a deal for more computing capacity for OpenAI.

Why it matters: At more than $1 trillion, OpenAI would be the highest-valued private company ever.

The context: OpenAI filed confidentially for an IPO in June. Its March raise valued it at $852 billion post-money.

The rivals: Anthropic raised $65 billion at a $965 billion valuation in May. It also filed confidentially for an IPO in June. CNBC reports Anthropic is seeking $1.5 trillion to $2 trillion for its debut.

The catch: None of this is confirmed. Terms are still being negotiated, so details could change. OpenAI declined to comment.

What's next: The raise is not closed. The terms, including the valuation, are still under negotiation.