OpenAI has held early discussions with investors about raising fresh capital at a valuation of around $750 billion, The Information reported on Wednesday, underscoring the extraordinary pace of capital flowing into the artificial intelligence sector.
According to the publication, the ChatGPT maker could seek to raise as much as $100 billion.
If the talks progress, the valuation would mark a sharp increase from the roughly $500 billion level reported in October, when current and former employees sold about $6.6 billion worth of shares in a secondary transaction.
IPO ambitions add to investor focus
The potential fundraise comes as OpenAI lays the groundwork for what could be one of the largest initial public offerings ever.
Reuters has previously reported that the Microsoft-backed company is preparing for a possible IPO that could value it at up to $1 trillion, with a filing potentially as early as the second half of 2026.
Any public listing would place OpenAI among the most valuable companies globally, reflecting investor expectations that AI will become a foundational technology across industries.
The discussions also highlight the scale of funding required to sustain the next phase of AI development, particularly as companies race to build increasingly powerful models.
Computing power drives capital needs
OpenAI’s strategy hinges on securing vast amounts of computing infrastructure, including data centres and specialised chips, to train and operate advanced AI systems.
Chief executive Sam Altman has previously said that meeting long-term demand for AI could require trillions of dollars in investment over time.
This push has already translated into major commercial agreements.
Nvidia and Oracle have signed multibillion-dollar deals with OpenAI this year, reflecting the tight link between AI model development and high-performance computing.
Despite the enthusiasm, investors remain cautious, closely watching for signs that demand for AI services might cool or that returns on heavy capital spending could take longer to materialise.
Amazon talks and shifting partnerships
The fundraising report follows separate coverage that Amazon is in discussions to invest in OpenAI, potentially valuing the company at more than $500 billion.
A source familiar with the talks said Amazon could invest around $10 billion, though the discussions remain fluid.
The Information reported that OpenAI plans to use Amazon’s Trainium chips, which compete with products from Nvidia and Google, highlighting the growing competition among cloud providers to supply AI workloads.
At the same time, Microsoft has been broadening its AI partnerships.
Last month, it announced new strategic deals with Nvidia and Anthropic, signalling efforts to reduce its reliance on OpenAI even as it remains one of the company’s key backers.
Valuations surge across the AI sector
OpenAI’s potential valuation jump comes amid a broader surge in AI dealmaking.
Anthropic’s valuation has climbed to an estimated $350 billion following investments from Microsoft and Nvidia, up sharply from about $183 billion in September.
Elsewhere, AI search startup Perplexity was valued at around $20 billion after a funding round in September 2025, while Elon Musk’s xAI has reportedly been in talks to raise $15 billion at a $230 billion valuation.
According to CB Insights, more than 1,300 AI startups now carry valuations above $100 million, including 498 companies valued at $1 billion or more.
Global spending on AI is expected to reach $375 billion this year and rise to $500 billion in 2026, UBS estimates, reinforcing why investors continue to chase exposure to the sector despite growing scrutiny over sustainability and returns.
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