OpenAI is seeking to raise at least $30 billion in a pre-IPO funding round that would value the ChatGPT maker at about $1.4 trillion, Bloomberg reported on September 29.

The round is expected to serve as a bridge to a delayed initial public offering. CEO Sam Altman has ruled out an IPO in 2026, citing safety concerns around advanced AI systems.

OpenAI was valued at $852 billion in a March funding round that raised $122 billion. The company now generates an annualised revenue run rate of about $70 billion, up 70 percent since the third quarter, according to reports.

The funding push comes as OpenAI launches new products, including the Dots workplace agent and a $500-a-month premium tier announced at its developer day. The company is racing rivals including Anthropic, which is preparing its own record IPO.

The round would be one of the largest private financings in history and shows how investor appetite for AI infrastructure remains strong despite questions about valuations.