Nothing is signed. If it happens, it would mark another sharp step up in the AI leader's valuation in under a year.
OpenAI has held early discussions with prospective investors about a new funding round that could value the company at more than $1.2 trillion. The talks are preliminary, and no terms or timeline for a potential round have been set.
A valuation that keeps compounding
Private technology valuations of this scale are unusual even by the standards of the current artificial intelligence investment cycle, and they depend heavily on investor expectations about revenue growth and compute costs years into the future rather than on current earnings. A valuation north of $1.2 trillion would place OpenAI among the most highly valued private companies in history, underscoring how much capital continues to chase leadership positions in generative AI even as questions persist across the industry about the economics of running large-scale AI infrastructure.
What to watch
Whether the early discussions progress to a formal fundraising process, and which investors ultimately participate, will be the first real test of whether the market is prepared to underwrite a valuation at this level.