OpenAI Weighs $750B Valuation in Talks to Raise Tens of Billions

The headline, at a glance

OpenAI has held preliminary talks with investors about raising “tens of billions” of dollars at a valuation around $750 billion, according to The Information, with Reuters confirming the outreach and scale described in the report. While early and subject to change, discussions have reportedly contemplated as much as $100 billion in fresh capital.

What’s new—and why it matters

• OpenAI is weighing a private valuation near $750 billion while seeking a vast war chest for compute, chips, and data centers. If completed, it would be a ~50% jump from October 2025, when a secondary sale let employees sell about $6.6 billion of stock at a $500 billion valuation.
• Earlier in 2025, OpenAI closed a record $40 billion primary raise led by SoftBank, valuing the company at about $300 billion, underscoring how quickly private AI valuations are escalating.
• Amazon has also been in talks to invest roughly $10 billion and supply Trainium chips, according to separate reporting; if consummated, that could reshape OpenAI’s multi‑vendor compute strategy.

The capital story: compute is eating the world

Behind the eye‑watering number is a race to secure compute at unprecedented scale.

• OpenAI’s Stargate initiative lays out a multi‑year plan for roughly 10 gigawatts of AI data‑center capacity in the U.S. The company’s July update detailed a 4.5‑GW expansion with Oracle, bringing Stargate’s pipeline past 5 GW in development.
• In September, OpenAI and Nvidia signed a letter of intent to deploy at least 10 GW of Nvidia systems, with Nvidia indicating it may invest up to $100 billion in OpenAI as deployments progress.
• A joint update from OpenAI, Oracle, and SoftBank in late September outlined five additional U.S. sites, pushing Stargate close to 7 GW and more than $400 billion of planned investment over the next three years—on a path to a $500 billion, 10‑GW target.

These ambitions also carry execution risk. For example, a $10 billion Oracle‑backed data‑center project in Michigan recently lost a key financier, illustrating how large‑scale buildouts can stumble on funding terms even with marquee partners.

How $750B stacks up

Recent milestones and comps

Who might write the check

• SoftBank has been central throughout 2025—first leading the $40B round and later approving plans to complete a $30B commitment, contingent on OpenAI’s corporate restructuring.
• Amazon is in active talks to invest around $10B and supply chips, a move that—if realized—would broaden OpenAI’s hardware options beyond Microsoft‑hosted Nvidia capacity.
• Microsoft remains deeply intertwined with OpenAI. After the autumn recapitalization, Microsoft holds about 27% of OpenAI Group PBC, with access to OpenAI tech through 2032—while OpenAI retains nonprofit control.

IPO runway and governance

Reuters has reported that OpenAI is laying groundwork for a blockbuster IPO that could value the company up to $1 trillion, with a potential filing as early as the second half of 2026 and a listing target around 2027—timing that will hinge on growth, markets, and regulatory approvals.

OpenAI’s unusual structure was a gating factor most of this year. In May, leadership said the nonprofit would retain control even as the operating business converted into a public‑benefit corporation (PBC). By late October, a recapitalization formalized Microsoft’s 27% stake and clarified rights through 2032, reducing uncertainty for would‑be investors.

The reality check: spending curves and execution risk

The Information has reported internal forecasts showing cash burn exceeding $100 billion over the next four years, with about $26 billion per year in 2025–2026 as OpenAI scales research and infrastructure. That is consistent with earlier reporting that burn would rise materially through the decade. For investors, it underscores why “tens of billions” in new capital may be necessary even with fast‑growing revenue.

For context on scale: if OpenAI indeed generates around $30 billion in 2026 revenue (per The Information’s outlook) and raises at a $750 billion valuation, investors would be paying roughly 25× forward sales—rich, but not unheard of for category‑defining platforms in hyper‑growth phases.

What it means for builders and buyers

• Multi‑cloud and multi‑chip becomes strategy, not slogan. Amazon’s potential entry alongside Nvidia, Oracle, Microsoft—and SoftBank‑backed sites—suggests a deliberate move to avoid single‑vendor dependency at frontier scale.
• Expect priority access models. The biggest checks typically come with preferred capacity or early model access—important for enterprises betting on AI agents and automation at scale.
• Budgeting shifts from pilots to platforms. If the $500B/10‑GW Stargate target holds, enterprises will see steadier supply of compute and, potentially, more predictable pricing for large deployments.

Bottom line

Whether or not OpenAI ultimately raises at $750 billion, the talks show where the AI stack is headed: toward mega‑scale infrastructure, tighter vendor partnerships, and balance‑sheet‑level commitments. For automation leaders, that likely means faster model cycles, better availability—and a premium on sound architecture and measurable outcomes.

Sources

• Reuters: “OpenAI discussed raising tens of billions at about $750 billion valuation, the Information reports.” Dec 18, 2025. Link.
• The Information: “OpenAI Has Discussed Raising Tens of Billions at Valuation Around $750 Billion.” Dec 17, 2025 (paywalled). Link.
• CNBC: “OpenAI closes $40 billion funding round, largest private tech deal on record.” Mar 31, 2025. Link.
• Fortune/Bloomberg: “OpenAI valuation reaches $500 billion…” Oct 2, 2025. Link.
• OpenAI (company blog): “Stargate advances with 4.5 GW partnership with Oracle.” Jul 22, 2025. Link.
• OpenAI + Nvidia (company blogs): “Strategic partnership to deploy 10 GW of NVIDIA systems.” Sep 22, 2025. OpenAI and NVIDIA.
• SoftBank (press): “OpenAI, Oracle, and SoftBank expand Stargate with five new AI data center sites.” Sep 24, 2025. Link.
• Reuters: “Oracle data center plan hit as Blue Owl walks from $10 billion deal.” Dec 17, 2025. Link.
• Reuters: “Exclusive—OpenAI lays groundwork for juggernaut IPO at up to $1 trillion valuation.” Oct 29, 2025. Link.
• Reuters: “Amazon in talks to invest in OpenAI, source says.” Dec 17, 2025. Link.
• Al Jazeera (Reuters report): “OpenAI restructures into public‑benefit firm; Microsoft takes 27% stake.” Oct 28, 2025. Link.
• CNBC (citing The Information): “OpenAI business to burn $115 billion through 2029.” Sep 6, 2025. Link.