Investors are in early talks with OpenAI for a funding round that would value the company between $1.2 trillion and $1.5 trillion. This figure is roughly double the $730 billion valuation from March, and the new round provides employees with the opportunity to sell their shares. Annualized revenue hit $40 billion last month, double the level at the end of 2025, although the company spent $34 billion on infrastructure last year and remains unprofitable.

CEO Sam Altman announced on Saturday that the company will not proceed with an initial public offering in 2026, citing safety concerns. This delay follows a confidential IPO filing in June. OpenAI told investors that a $1.2 trillion valuation was insufficient during discussions initiated by the investment community, coming months after a $122 billion raise in March.