🇺🇸OpenAI entered preliminary financing discussions targeting a $1.2 trillion valuation; financing size and final valuation remain unsettled.

Financial Times reporting relayed through Telegram describes early discussions with investors about a new private financing, not a completed transaction. The target valuation is approximately $1.2 trillion, while the final valuation and fundraising amount could change (“相关谈判仍处早期阶段，最终估值和融资规模可能发生变化”).

The report places OpenAI’s valuation after its March financing at $852 billion (“今年 3 月完成一轮融资后估值达到 8520 亿美元”). It also reports accelerated revenue growth following GPT-5.6 and Astra releases, with annualized revenue exceeding $40 billion—an annualized figure, not reported full-year revenue (“GPT-5.6 和 Astra 等新模型发布后，OpenAI 收入增长加快，年化收入已超过 400 亿美元”).

The discussions are described as preparation for a future initial public offering, or IPO, rather than an announced listing. Sam Altman previously said an IPO might not occur before 2027, and that the current environment of heightened AI-safety debate was not the best time to list (“公司上市时间可能不会早于 2027 年，并认为当前 AI 安全风险讨论升温的环境下上市并非最佳时机”).

The same report says OpenAI had previously described its funding as sufficient, while large-model training continued to require substantial capital (“公司此前曾表示拥有充足资金，但训练大模型仍需要持续投入大量资本”). No investor commitments, security terms, collateral, conversion provisions, or dilution figures are supplied for the contemplated round.