OpenAI in talks for new funding at $1.2 trillion valuation

OpenAI has begun early talks with investors for a new funding round at a valuation of $1.2 trillion, according to the Financial Times and The Wall Street Journal. People familiar with the matter said the talks were started by investors, and whether the deal happens and when depends on OpenAI's IPO plans. The valuation could also change during negotiations in the coming months.

OpenAI raised $122 billion at an $825 billion post-money valuation in March. CEO Sam Altman recently said the company is unlikely to go public in 2026.

On revenue, OpenAI reported $6.7 billion in Q2 2026. Its annualized revenue run rate topped $40 billion in August, up 20% from the previous month. Its active user base has surpassed 1 billion.