Key points
- OpenAI reportedly seeks $30 billion at a $1.4 trillion valuation
- Annualized revenue has risen more than 70% since July
- What it means for Oracle
OpenAI is reportedly looking to raise at least $30 billion at a valuation of about $1.4 trillion.
On Tuesday, Reuters reported that OpenAI's annualized revenue run rate is approaching $70 billion, citing a person familiar with the matter. Axios reported the figure first.
How the valuation has changed
OpenAI had previously considered a round at a $1.2 trillion valuation. Its last priced round, in March, valued the company at $852 billion including the $122 billion it raised. The $1.4 trillion figure does not include the new money.
The round follows OpenAI's decision to push back its plans for an initial public offering, and the valuation could put OpenAI back above rival Anthropic's most recent private market valuation. Anthropic is preparing its own IPO.
How fast revenue is growing
OpenAI's annualized revenue run rate has risen more than 70% since the start of the third quarter in July. Enterprise sales more than doubled over that time, and OpenAI generated more consumer revenue in the third quarter than in all of 2025, according to the same person.
A run rate is not revenue collected over a full year. It projects the current pace of sales across 12 months and does not show whether OpenAI is profitable. In mid-August, OpenAI's run rate topped $40 billion.
At $1.4 trillion, the reported valuation would be about 20 times the annualized revenue run rate, by our calculation.
What it means for Oracle
Oracle (ORCL) shares were up 3.8% at $137.70 as of 2:38 p.m. ET. Oracle is building computing capacity for OpenAI, and the ChatGPT maker represents "around half" of Oracle's compute backlog, said Gil Luria, managing director at D.A. Davidson.
"OpenAI accelerating growth is a very good sign for Oracle, as it reinforces OpenAI's ability to live up to its expectations for compute capacity," Luria said.
