Key points
- OpenAI has reportedly collected $11 billion in a new round valuing it at $1.25 trillion, according to a Bloomberg report published Friday, Nov. 6, 2026.
- The round was pitched in October at up to $30 billion; it is now expected to close at about $20 billion after a slump in AI stocks.
- Investors in Anthropic’s coming Nasdaq listing, under the ticker ANT, now discuss $1 trillion to $1.25 trillion, down from earlier talk of $2 trillion.
- Anthropic’s amended IPO filing shows $17 billion in third-quarter revenue but a $567 million operating loss, driven by rising computing costs.
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OpenAI has taken in $11 billion from investors in a funding round that puts the ChatGPT maker’s value at $1.25 trillion, according to a Bloomberg report relayed by TechCrunch on Friday, Nov. 6. The cash is the first slice of a raise expected to close within weeks at roughly $20 billion in total.
Anthropic, the company’s closest rival, is days away from pitching its shares to public investors. The market slide that forced OpenAI to scale back its fundraising is now weighing on the price Anthropic can ask.
OpenAI’s round shrank from $30 billion to about $20 billion
On Oct. 22, CNBC reported that OpenAI was close to raising up to $30 billion at a $1.25 trillion pre-money valuation, in a round led by investors from the United Arab Emirates and the investment firm Coatue. By the end of the month, reports said the target had been cut by about $10 billion as technology shares fell.
The valuation held. The amount investors were ready to commit did not.
For scale, OpenAI raised $122 billion at an $852 billion valuation in March. The new price is about 47% higher seven months later, for a far smaller check.
The company presents the money as a bridge to the stock market. Chief financial officer Sarah Friar has said OpenAI « will be a public company in 2027, » while chief executive Sam Altman has warned that listing right away would be « an ill-advised moment to go public. » OpenAI is also working on consumer hardware, a project covered in our report on screenless AI devices from Nothing and OpenAI (in French).
Investors now see Anthropic below $1.5 trillion
Investors who had expected Anthropic to list at around $2 trillion now doubt it can reach $1.5 trillion, CNBC reported on Nov. 6. One of them called that figure a « stretch. » Another put a more likely range at $1 trillion to $1.25 trillion.
Anthropic declined to comment on those discussions. Even the low end of the range would sit above the company’s last private valuation of $965 billion, set in May.
The trigger came on Thursday, Nov. 5, when the Nasdaq fell more than 5%, its steepest drop in 19 months. Investors worried that Democratic gains in Tuesday’s midterm elections, and public skepticism toward AI, could slow the construction of data centers.
Anthropic’s filing shows $17 billion in quarterly sales
Anthropic filed its S-1 registration statement with the U.S. Securities and Exchange Commission on Oct. 26 and plans to list on the Nasdaq as ANT. Its amended filing, published in early November, reports $17 billion in third-quarter revenue, up from $11.6 billion in the second quarter and $1.4 billion a year earlier.
Growth is slowing, though. Sales rose 47% from the prior quarter, compared with 144% in the second quarter.
The company swung to an operating loss of $567 million, after $974 million in operating profit in the previous three months. Operating expenses climbed to $17.5 billion from $10.6 billion, which the filing attributes largely to costly short-term computing contracts. Price cuts tied to new model versions and customer discounts took about $600 million off revenue.
The net loss reached $23.3 billion for the quarter, mostly from accounting charges on convertible notes. Anthropic reported $146.6 billion in liquidity on Sept. 30 and $895.4 billion in compute commitments. Its seven co-founders, including Dario and Daniela Amodei, will keep 50.1% of voting power after the listing through Class F shares.
Business AI spending has flattened for both labs
Data from Ramp, a corporate card and expense company, shows business spending on AI models rose only 1.5% between August and September, after a 42% jump in July. Companies keep using more AI, but they pay less for each task as prices fall and firms switch to cheaper models.
That squeeze hits both labs. OpenAI keeps cutting its prices too, and its product releases this fall include ChatGPT Images 2.6 with animated GIFs (in French).
Anthropic’s roadshow starts next week, OpenAI’s round stays open
Anthropic is expected to start its roadshow, the series of meetings with prospective buyers, during the week of Nov. 9. Neither version of its filing sets a share count or a price range yet. That range normally appears in an updated filing before the meetings begin.
Trading could begin as early as the week of Nov. 16, according to press reports, though the company has not confirmed a date. OpenAI, meanwhile, still has to gather about $9 billion more to reach its revised $20 billion target, a test of demand that will play out alongside the first public price for a leading AI lab.
