OpenAI close to finalizing up to $30 billion funding at $1.25 trillion pre-money valuation, led by Emirati investors

OpenAI is close to finalizing a funding round of up to $30 billion at a pre-money valuation of $1.25 trillion, led by Emirati investors and Coatue according to people familiar with the matter, with the financing positioned as an opportunistic bridge ahead of a potential IPO. OpenAI told investors on Thursday it aims to complete signing by the end of next week, and the final size remains undetermined; the talks began in September when investors approached the company with a proposal. According to one person familiar with the matter, OpenAI is also negotiating a commercial agreement with the UAE for more compute, and in February told investors it aims to spend about $600 billion in total compute spending by 2030. The company confidentially filed a prospectus with the U.S. Securities and Exchange Commission (SEC) in June, CFO Sarah Friar told employees in August that the company would become a public company in 2027, and CEO Sam Altman subsequently said in September that going public now is not a wise timing.