OpenAI Seeks $30 Billion Before Anthropic IPO
OpenAI targets $1.4 trillion valuation, racing to secure funds before rival's market debut
OpenAI is accelerating efforts to secure investments worth approximately 30 billion dollars (about 40.3 trillion Korean won) ahead of rival Anthropic's initial public offering (IPO).
On October 19 (local time), Reuters reported, citing two people familiar with the matter, that OpenAI is pushing to raise large-scale funding before Anthropic's listing. In this investment round, OpenAI's valuation is expected to exceed 1.4 trillion dollars (about 1,880 trillion Korean won). This represents a more than 60% increase from its previous valuation of 852 billion dollars (about 1,144 trillion Korean won), recognized after raising 122 billion dollars in March.
OpenAI aims to secure investment commitments before Anthropic lists on the stock market in mid-November. As both companies are targeting similar investor groups for funding, the move is seen as a strategy to preemptively secure capital ahead of Anthropic's IPO.
Existing investors, including SoftBank Group and Abu Dhabi's MGX, are reportedly in discussions to participate in this funding round. OpenAI is said to have met with representatives from long-term investment funds and sovereign wealth funds last week, when Anthropic held investor presentations.
While demand for investments in both companies remains high, investors face the challenge of allocating capital amid large-scale funding rounds occurring within days or weeks of each other. Some investors view OpenAI's move as an attempt to secure funds that could otherwise flow into Anthropic's IPO.
OpenAI reportedly informed investors that its growth has accelerated since the launch of the GPT-6 Astra model. According to sources familiar with the matter, OpenAI's annualized revenue currently stands at 50 billion dollars (about 67.1 trillion Korean won) and is projected to reach 70 billion dollars (about 94 trillion Korean won) by year-end. Another source indicated that OpenAI aims to finalize its funding before Anthropic's financial details are disclosed post-IPO, allowing direct comparisons between the two companies' performances.
The companies are also clashing over revenue calculation methods. OpenAI has criticized Anthropic for inflating its performance by recognizing the total value of contracts sold through third-party cloud providers as revenue. Anthropic maintains that it follows established accounting practices.
Anthropic's revenue increased from 11.6 billion dollars in the second quarter to 16.8 billion dollars in the third quarter of this year. However, concerns about its valuation have emerged as monthly revenue growth has slowed. Some investors reportedly suggest that Anthropic's IPO valuation should be set at 1.5 trillion dollars, lower than its initial target of 2 trillion dollars.
Investor sentiment toward tech stocks remains unstable. Since September, factors such as oil price fluctuations, rising bond yields, and concerns about AI safety have heightened market uncertainty. Consequently, some companies have postponed their IPO plans. These include Airtrunk, backed by Blackstone, Permas, supported by NVIDIA, and SB Energy, sponsored by SoftBank.