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

OpenAI and Anthropic are trying to raise money from the same small group of government investment funds and large investors. Only one company can set a public share price first. The result could affect how much investors think all privately owned AI companies are worth.

OpenAI is asking investors for about $30 billion and wants to finish raising the money before its main competitor enters the stock market. Reuters reported on October 19, 2026, citing people familiar with the matter, that OpenAI wants to complete the funding round before Anthropic is expected to go public in mid-November.

The new funding round could value OpenAI at more than $1.4 trillion, much more than its $852 billion valuation in March. However, no deal has been signed. SoftBank Group, Abu Dhabi's MGX and other current investors are discussing the deal. The fundraising is expected to move faster than usual for a round this large. OpenAI and SoftBank declined to comment, while Anthropic and MGX did not immediately respond.

Neither company is publicly traded, so investors who want to benefit from their growth must look at the companies that invest in them or supply them. On October 19, Amazon (NASDAQ:AMZN | AMZN Price Prediction) shares rose 4.98%. An analyst also named Amazon a Top Pick that day. Microsoft (NASDAQ:MSFT) gained 0.84%, while NVIDIA (NASDAQ:NVDA) rose 1.38%.

Why OpenAI Wants Its Money Before November

During the week before the report, OpenAI met with investment funds that usually hold stocks for a long time and with government-owned investment funds. Anthropic held its own investor day. Only a small number of buyers can invest such large amounts, and both companies are approaching the same group.

Once Anthropic becomes publicly traded, its share price will give investors a public reference point for judging the value of other private AI companies. If OpenAI raises money first, it can agree on its valuation before that public reference point exists.

The money would also provide protection against delays. It could help OpenAI pay for its infrastructure commitments if a weaker stock market delays its planned 2027 stock market listing.

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

What Buyers Are Paying For at These Prices

OpenAI reportedly told investors that its yearly revenue, based on its latest rate of business, had reached $50 billion after it launched GPT-6 Astra. The company expects that figure to reach $70 billion by the end of the year. These figures have not been checked by an independent auditor.

Anthropic's yearly revenue, based on its latest rate of business, reportedly reached about $65 billion by July. Its revenue for the third quarter rose to $16.8 billion, up from $11.6 billion in the second quarter. At either company's valuation, investors are paying now based on hopes for years of fast growth that has not happened yet.

OpenAI has also accused Anthropic of making its revenue look larger by counting the full value of contracts. Anthropic says it follows accepted accounting rules.

The full value of a contract is the total amount a customer agrees to pay over several years. Recognized revenue is the amount a company has actually earned as it provides its service. Counting the full contract value makes a company appear larger sooner than counting only the money it has earned.

Anthropic reportedly wants to be valued at $2 trillion when it first sells shares to the public. Some current and potential investors have argued that a valuation closer to $1.5 trillion would make more sense because its third-quarter results fell short of expectations. OpenAI's private fundraising effort points to the same concern: public market investors may be willing to pay less than investors in private funding rounds.

What the Funding Race Means for AI Suppliers

The positive case for AI can be seen in the results of companies that supply the industry. Amazon recorded a $53.4 billion gain before taxes in its second quarter, mainly because of its investments in Anthropic. NVIDIA said OpenAI's existing and planned commitments account for about 12 gigawatts of computing capacity.

These gains are estimates of what private investments are worth, rather than profits from selling those investments. If Anthropic's shares are priced lower when it goes public, the value of those investments could fall. Amazon has also committed up to $50 billion to OpenAI's $122 billion funding round in March, giving it financial ties to both companies. The size of the wider market helps put these figures in perspective: $30 billion is small compared with Microsoft's market value of $3.96 trillion.

Our view is that investing in companies that supply the AI industry remains the strongest way to benefit from its growth. These suppliers can earn money whichever AI lab wins, while the valuations of the AI labs themselves look too high. We highlighted seven companies that supply essential equipment and services, from power to cooling, in a free report you can get here. The key test comes in mid-November. If Anthropic's IPO values the company at less than $1.5 trillion, it would show that public market investors are putting a lower price on AI companies.

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