OpenAI is in early talks to raise at least $30 billion in a funding round that would value the company at about $1.4 trillion, Bloomberg News reported, according to Reuters.

The talks are at an early stage and terms could change, TechCrunch reported. A round at that size and valuation would rank among the largest private financings ever.

The potential raise reflects investor belief that the AI leader needs vast capital to fund data centers and model development. Competition from rivals is driving an arms race in computing power.

OpenAI has already raised record sums at soaring valuations this year. A $1.4 trillion price tag would put the startup in the same league as the world’s biggest listed companies. A $30 billion raise would dwarf most venture rounds on record and underline how much capital AI labs now need.

What happens next: the structure and final valuation will depend on investor appetite, with a deal likely to take shape in the coming months.