The firm behind the ChatGPT chatbot is organizing a new capital raise to extend its runway after postponing a move to public markets. OpenAI is targeting at least $30 billion in new funding at a $1.4 trillion valuation, Bloomberg reports, in negotiations to secure capital to meet operational needs. This fundraising push coincides with a revenue run rate that has topped $40 billion and intensifying competition from rival Anthropic.

The current pursuit of funds follows a $122 billion raise in March that valued the company at $852 billion. Sources describe the current talks as being in the early stages and meant to serve as a bridge to an eventual initial public offering, though prediction markets like Kalshi now estimate only a 50% chance of a listing before June 2027.