OpenAI has held early talks with investors about a new private funding round that could value the company at around $1.2tn, up from $852bn after its March raise of $122bn. The discussions, initiated by backers rather than the firm, are preliminary and the valuation may shift. CEO Sam Altman said a public listing is unlikely before 2027, calling an earlier IPO “ill‑advised” amid growing concerns over AI’s existential risks.

The startup aims to capitalize on renewed demand following the July launch of GPT‑5.6 and the recent release of Astra, which helped push annualised revenue past $40bn after a 20% jump. OpenAI spent $34bn last year training models but insists it has ample resources after the March round. Longtime investors such as SoftBank and Thrive Capital could increase their stakes, though a further private round would delay their expected IPO payouts.

Rival Anthropic, valued at $965bn, is on track for profitability and may go public as early as October at a $2tn valuation. OpenAI declined to comment.