OpenAI funding round reportedly values it at $1.4 trillion
A new report puts the next OpenAI funding round at $30 billion or more, at a $1.4 trillion valuation. How it compares with March and what a 2027 IPO means.
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OpenAI is in talks to raise at least $30 billion at a valuation of about $1.4 trillion, Bloomberg reported on September 29, 2026. That OpenAI funding round would be its last as a private company before a stock market listing now expected in 2027, after Sam Altman ruled out going public this year. Here is what's reported, how it compares with its record round in March, and what the revenue numbers behind it do and don't tell you.
Key takeaways
- The round is reported, not announced. Bloomberg says OpenAI is seeking at least $30 billion at roughly $1.4 trillion, and that the talks are early and the terms could change. Not confirmed by OpenAI as of Oct 1, 2026.
- That's about 64% above March, when OpenAI raised $122 billion at an $852 billion valuation, by our arithmetic.
- SoftBank's share of March is now fully paid. SoftBank said on Oct 1, 2026 that it invested the last $10 billion of its $30 billion follow-on, for $64.6 billion in total and about 13% of OpenAI, by its own count. That's separate from the reported new round.
- Revenue is reported too. Axios puts OpenAI's annualized revenue near $70 billion in late September, up from more than $40 billion that Bloomberg reported in August. OpenAI hasn't published either figure.
- 2027 is the reported IPO year, not a promised one. Altman has ruled out 2026, and at DevDay he said he has no particular timeline.
What we know about the OpenAI funding round
According to Reuters' summary of the Bloomberg story, OpenAI is looking for at least $30 billion, and the roughly $1.4 trillion valuation doesn't include the new money. In investor terms that's a pre-money valuation, so if the full $30 billion came in, the company would be worth about $1.43 trillion after the deal.
The details that would make it final are missing. No lead investor has been named, and Bloomberg's sources say the demand is being led by investors. The talks are at an early stage and the terms could still change. OpenAI didn't immediately respond to Reuters, and TechCrunch describes the money as bridge funding to carry the company to its listing.
How the $1.4 trillion valuation compares with March
Six months ago OpenAI announced the largest round in its history. Its own announcement on March 31 put the total at $122 billion in committed capital at an $852 billion post-money valuation. TechCrunch's report on that round adds that SoftBank co-led it, that Amazon, Nvidia and Microsoft took part, and that $3 billion came from individual investors through banks, a first for OpenAI.
That March money arrived in installments, and SoftBank's part of it is now fully paid. On October 1, 2026, SoftBank said it had invested the third and final $10 billion tranche through its Vision Fund 2, completing the $30 billion follow-on it announced on February 27 for OpenAI's round at a $730 billion pre-money valuation. That figure plus the $122 billion raised gives the $852 billion OpenAI announced. The first two tranches went in on April 1 and July 1. SoftBank now puts its cumulative investment in OpenAI at $64.6 billion, for about 13% ownership: those are SoftBank's own numbers, which it first projected in February.
SoftBank says the last tranche was paid for with foreign-currency bonds it issued in September. Reuters puts that sale at $11.1 billion, the largest high-yield corporate bond sale globally, and reports that SoftBank canceled the unused $10 billion left on a $40 billion bridge loan. None of this confirms the new round: SoftBank's statement is about money committed in March, and the $1.4 trillion figure is still Bloomberg's report.
| March 2026 round | Reported new round | |
|---|---|---|
| Status | Closed and announced by OpenAI | Early talks, per Bloomberg |
| Amount | $122 billion committed | At least $30 billion |
| Valuation | $852 billion, after the money | About $1.4 trillion, before the money |
| Investors | SoftBank co-led with $30 billion, fully paid by Oct 1; Amazon, Nvidia, Microsoft took part | Not named |
| Revenue cited | $2 billion a month, per OpenAI | Near $70 billion a year, per Axios |
The new OpenAI funding round is far smaller. It's a top-up, not a war chest: about a quarter of what March brought in, at a price about 64% higher.
What the OpenAI revenue numbers say
Two figures are circulating, and both come from people familiar with OpenAI's finances, not from the company. In August, Bloomberg reported an annualized revenue run rate of more than $40 billion. On September 29, Axios reported that the run rate was nearing $70 billion, up more than 70% since the start of the third quarter, with business revenue more than doubling since July.
A run rate takes the latest month and multiplies it by 12. It shows the pace, not money already banked, and it says nothing about costs. In March, OpenAI itself cited about $2 billion a month, roughly $24 billion a year.
Our arithmetic shows why investors might accept a higher OpenAI valuation. At $852 billion against $24 billion, March valued OpenAI at about 35 times its run rate. At $1.4 trillion against $70 billion, it's about 20 times. If the reported revenue holds, the valuation grew more slowly than the business did.
What an OpenAI IPO in 2027 means
The 2027 date comes from Bloomberg's report, not from OpenAI. Altman told Fortune on September 12 that "right now would be an ill-advised moment to go public," citing safety, and answered "not 2026" without naming another year. Asked again by CNBC at DevDay on September 29, he said, per Stocktwits' account, "I don't have a particular timeline in mind," adding that OpenAI could list once it has run "a few safety cases."
For you, the practical meaning is simple. Until OpenAI files to go public, its shares are only sold privately, and its revenue and losses are reported secondhand. A listing would bring a public prospectus with audited numbers, which is the first time figures like the $70 billion run rate could be checked. Rival Anthropic is further along: a draft of its IPO prospectus has already leaked. Nothing here is investment advice.
The same week brought OpenAI's DevDay launches, including always-on Dots agents, and its distillation accusation against Moonshot AI.
Bottom line
The OpenAI funding round under discussion would reportedly raise at least $30 billion at about $1.4 trillion, roughly 64% above the March valuation, as a bridge to an IPO that Bloomberg puts in 2027. Not confirmed by OpenAI as of Oct 1, 2026: the talks are early and the terms could change. The March round, by contrast, is settled on SoftBank's side: it says its full $30 billion is in. Watch for an official announcement naming investors and a final valuation, and for any filing that would make the revenue numbers public.
FAQ
How much is OpenAI worth?
Its last confirmed valuation is $852 billion, from the round OpenAI announced on March 31, 2026. The reported new round would value it at about $1.4 trillion before the new money, but that round isn't final.
How much of OpenAI does SoftBank own?
About 13%, according to SoftBank, after it paid the last tranche of its $30 billion follow-on on October 1, 2026. That brings its total investment in OpenAI to $64.6 billion. Both figures come from SoftBank, not from OpenAI.
When will OpenAI go public?
There's no official date. Bloomberg reports the IPO is expected in 2027, Altman has ruled out 2026, and on September 29 he said he has no particular timeline and wants to run safety cases first.
What is OpenAI's revenue?
OpenAI said in March it was making about $2 billion a month. Axios reported on September 29 that its annualized run rate was nearing $70 billion, a figure OpenAI hasn't confirmed.