OpenAI is racing to raise about $30 billion at a valuation above $1.4 trillion, Reuters reported.

It would rank among the largest private financings in tech history.

The raise is timed ahead of rival Anthropic’s expected mid-November IPO.

SoftBank and Abu Dhabi’s MGX are in talks to join the round.

An Anthropic listing would put a public price on a frontier AI lab for the first time.

OpenAI is moving quickly to lock in commitments before the IPO draws attention elsewhere.

Frontier models need data centres, chips and energy costing tens of billions, beyond what venture capital alone supplies.

Read the full article for more details on OpenAI’s funding round.