People Familiar Say OpenAI Nears $30B Round at $1.25T Valuation

OpenAI is close to finalizing a funding round of up to $30 billion at a $1.25 trillion valuation, led by investors from the United Arab Emirates and Coatue, according to people familiar with the deal. The company is positioning the financing as a bridge ahead of a potential IPO and is negotiating a commercial deal for more computing capacity from the UAE. OpenAI told investors it aims to secure signatures by the end of next week, though the final size is still being determined.

• The $1.25 trillion figure is a pre-money valuation that excludes new capital, people familiar with the deal say.
• OpenAI CFO Sarah Friar tells employees the company "will be a public company in 2027."
• OpenAI tells investors it targets roughly $600 billion in total compute spend by 2030.