Key Highlights

  • OpenAI reportedly raised USD 15 billion at a valuation of USD 1.25 trillion, in a report on November 12, 2026, which is about half of the USD 30 billion it first sought.
  • The company had pitched a valuation of USD 1.4 trillion, and the new figure is about 47% above the USD 852 billion set in March, when it raised USD 122 billion.
  • Third quarter Revenue was about USD 10 billion, up nearly 50% from the prior quarter, with an operating loss of about USD 10.9 billion, all reported figures.
  • Microsoft (NASDAQ:MSFT) is a major partner and investor, and its shares have been pressured by competition from Anthropic's office tools.

The Reported Round

The round has not formally closed and is expected to complete within a couple of weeks, people familiar with the matter said. OpenAI was said to have sought as much as USD 30 billion at a valuation of USD 1.4 trillion, so the final raise is half the size and below the pitched price. The deal is described as opportunistic and as a bridge toward an initial public offering that is expected in 2027. Nvidia and SoftBank are among the investors, and reports say OpenAI has taken about USD 30 billion from Nvidia and about USD 65 billion from SoftBank to date. These figures come from press reports and have not been confirmed by the company in a filing, so they should be read as reported. The valuation still places OpenAI above most public companies in the world. If the round closes as described, OpenAI will have funding to continue spending on compute while it prepares for public markets.

Why the Timing Matters

The raise landed days before the planned Anthropic listing, which is scheduled to price on November 18 and trade on November 19 at a range of USD 70 to USD 78 per share with a valuation of up to about USD 1.4 trillion. Investors are comparing the two companies directly. Anthropic is offering public investors a chance to buy in, while OpenAI remains private and has to raise cash through negotiated rounds. A smaller raise than planned could be read as a sign that investors are becoming more selective about AI valuations, or as a sign that the company needs less capital. The reported financials add context. Revenue of about USD 10 billion in a quarter is large, but an operating loss of USD 10.9 billion shows that spending on compute and talent is still far above income. For public market investors, the pairing of two trillion-dollar-scale AI valuations within a week is a test of how much money is available for the theme.

What It Means for Microsoft

Microsoft has a long Partnership with OpenAI, with its models used across Azure and the company's software products, so changes in OpenAI's valuation and funding matter for its own stake and cloud demand. At the same time, Microsoft faces competition from Anthropic's Claude tools for spreadsheets, whiteboards and data work, which pressured its shares earlier in the week. A higher OpenAI valuation supports the carrying value of Microsoft's exposure, but the smaller raise highlights the Capital needs of the business. Investors will watch whether the round closes on the reported terms, the plans for a 2027 listing and any change in Microsoft's role. Rising interest rates, with the 10-year Yield near 5.10%, also affect AI valuations, which are based on cash flows far in the future.

Where Things Stand

OpenAI's reported USD 15 billion raise at USD 1.25 trillion gives it fresh capital, but at half the target and below the pitched valuation. The next points are the formal close, the Anthropic listing on November 19 and any news on a 2027 IPO. Microsoft is exposed to both the upside and the competitive pressure.