OpenAI is nearing a fundraise of up to $30 billion (more than about ¥4 trillion), according to a report dated Oct. 23, 2026. Its target valuation presented to investors has fallen to $1.25 trillion from an initial $1.4 trillion, with investors from the UAE and investment firm Coatue expected to lead the round. The funding is positioned as a bridge ahead of a future IPO.
A raise of up to $30 billion, and a target cut by nearly $200 billion
First, let’s sort out the numbers. The amount to be raised is up to $30 billion—that is, how much money the company will bring in. Valuation, by contrast, is the price tag placed on the company as a whole; the two are separate things. What stands out this time is that the fundraising target is enormous even as the price tag has been revised downward.
According to the reports, OpenAI initially approached investors with a $1.4 trillion valuation. The target has since fallen to $1.25 trillion. The $150 billion difference is comparable to the market capitalization of a major corporation. A valuation of $1.25 trillion is still extraordinary, but it represents a cut of just over 10% from the initial figure.
Soft demand and investor “indigestion”
One factor cited is that demand for this fundraising round was weaker than for previous rounds. Some investors were also said to be feeling “indigestion” after the large investments made so far.
It’s a bit like regulars at a restaurant that serves oversized portions every time beginning to feel a little overfull. That doesn’t necessarily mean the food has gotten worse. But continuing to eat the same amount at the same price becomes harder. The valuation cut could be seen as an adjustment reflecting that kind of mood.
Funding aimed at an IPO—and computing resources
The fundraising is said to be positioned as a bridge ahead of a future IPO. It is expected to be led by investors from the UAE and Coatue. The aim appears to be to build up financial resources before going public.
Another point to watch is that OpenAI is reportedly negotiating a commercial agreement to secure additional computing capacity through the UAE. Computing capacity refers to processing resources, such as data centers, used to train and operate AI models. In the generative AI race, securing the “electricity and semiconductors” needed to run models has become as much of a management challenge as building capable models. Trying to arrange both an investment and access to computing resources through negotiations with the same counterpart also looks like a strategy to secure financing and infrastructure as a package.
Conflicting messages about the timing of an IPO
The IPO timeline looks a little complicated when viewed chronologically. OpenAI reportedly filed a draft IPO prospectus confidentially with the U.S. Securities and Exchange Commission (SEC) in June. In August, CFO Sarah Friar told employees that the company would be publicly traded by 2027.
But in September, CEO Sam Altman said the timing was not right for an IPO. He also said he had shared that view internally as early as June. The CFO set a deadline of “by 2027,” while the CEO pointed to the difficulty of timing the move, putting different emphasis on their remarks.
Of course, preparing for an IPO and deciding when to actually proceed can go hand in hand. This move to secure funding even at a lower valuation could also be seen as a way to keep options open while monitoring market conditions.
Rival eyes valuation above $1.5 trillion
For comparison, rival Anthropic is also preparing for an IPO and is said to be targeting a valuation of $1.5 trillion to $2 trillion. While OpenAI has lowered its target to $1.25 trillion, its competitor is seeking a range above that.
The price tags on AI companies depend not only on technological prowess but also on factors such as the timing of fundraising, investor fatigue, and the availability of computing resources. The scale of the $30 billion raise and the downward revision to the valuation target: looking at both together may offer a clue to how money is flowing through the AI industry.
Comments