OpenAI funding talks were nearing a potential deal on October 22, 2026, with the artificial intelligence company seeking up to $30 billion at a $1.25 trillion valuation before the new investment, people familiar with the confidential discussions said. Investors from the United Arab Emirates and Coatue were leading the proposed round, which remained unfinished.
Key Takeaways
- The proposed $1.25 trillion valuation excludes the new capital, and the final fundraising amount remains undecided.
- OpenAI is also negotiating a separate commercial agreement for additional computing capacity from the UAE.
- The financing is being positioned as a bridge to a potential IPO, but OpenAI has not disclosed a listing date.
Table of Contents
- OpenAI funding terms remain under negotiation
- UAE discussions extend beyond investment capital
- A potential IPO still has no disclosed date
- Conclusion
OpenAI funding terms remain under negotiation
OpenAI told investors on October 22 that it aimed to secure signatures by the end of the following week, the people said. The company was seeking up to $30 billion, rather than announcing a completed investment of that size.
The $1.25 trillion figure is a pre-money valuation: it values the company before the proposed cash injection. It should not be confused with an IPO valuation or a public-market share price.
The financing is being positioned as an opportunistic bridge ahead of a possible stock-market debut. Neither the final amount nor completion of the round was established as of October 22.
| Item | Details |
|---|---|
| February 2026 | OpenAI told investors it was targeting roughly $600 billion in total compute spending by 2030. |
| June 2026 | OpenAI confidentially filed its IPO prospectus with the Securities and Exchange Commission. |
| September 2026 | New fundraising discussions began after investors approached the company with proposals. |
UAE discussions extend beyond investment capital
Alongside the fundraising, OpenAI was negotiating a commercial agreement to secure more computing capacity from the UAE, one person familiar with the discussions said. That agreement remained under negotiation and was separate from the proposed equity investment.
OpenAI already has an announced infrastructure relationship in the country. The May 2025 Stargate UAE infrastructure plan described a one-gigawatt compute cluster to be built by G42 and operated by OpenAI and Oracle. That earlier announcement provides background on the relationship; it does not confirm the terms or delivery of capacity under the October 2026 negotiations.
The parallel discussions concern two different needs: raising investment capital and securing the computing resources used to develop and operate AI systems. The available details do not establish how the proposed financing would be allocated.
A potential IPO still has no disclosed date
OpenAI's executives have offered different signals about the timing of a public listing. Chief Financial Officer Sarah Friar told employees in August 2026 that the company “will be a public company in 2027.” In September, Chief Executive Sam Altman said that “right now would be an ill-advised moment to go public.”
Those comments do not amount to an announced offering schedule. The proposed private round could precede a listing, but its completion would not itself confirm when an IPO would take place.
Conclusion
The next stated milestone for OpenAI funding was the targeted signing window at the end of the week following October 22. Final commitments, the amount raised and any IPO timetable remained unconfirmed.
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