OpenAI is seeking to raise around $30 billion at a valuation exceeding $1.4 trillion, as the ChatGPT developer looks to secure fresh capital ahead of rival Anthropic's expected stock market debut in mid-November.
The fundraising is moving on an accelerated timeline as both AI companies compete for investments from overlapping pools of institutional investors and sovereign wealth funds.
Existing OpenAI backers, including SoftBank Group and Abu Dhabi-based MGX, are among those discussing participation in the proposed round, one person familiar with the matter said.
OpenAI met with long-term investment funds and sovereign wealth funds last week, coinciding with an investor event hosted by Anthropic.
The company has reached $50 billion in annualised revenue and expects the figure to climb to $70 billion by the end of the year, the report added citing a person familiar with the matter.