Two of the largest private AI companies reached different points on the path to a $1.25 trillion price tag in the same week. OpenAI reportedly closed about $11 billion of new funding at that valuation, according to SiliconANGLE, relaying Bloomberg. Anthropic, valued at $965 billion in its last private round, has a public registration statement on file and a Nasdaq ticker reserved, and prospective buyers of its shares are reportedly debating whether $1.25 trillion is even reachable.
Video: Bloomberg Tech on OpenAI’s fundraising at a $1.25 trillion valuation and Anthropic’s looming IPO, from the Bloomberg Tech channel on YouTube. The figures in this article come from the written sources listed below.
Two valuations at different stages
The numbers look alike and are not the same kind of thing. A private round is a negotiated price between a company and its investors, and the terms often stay out of public view. A registration statement filed with the Securities and Exchange Commission is a disclosure document with audited financials, risk factors and a legal duty of accuracy behind it. Anthropic announced on October 26 that it had filed a Form S-1 for a proposed initial public offering of Class A common stock.
OpenAI’s side rests on anonymous sourcing. Bloomberg’s sources said the funds were wired on Friday, November 6, per Tech Insider’s summary of the reports, and SiliconANGLE noted that none of its figures had been officially confirmed. Whether $1.25 trillion is a pre-money or post-money number was not stated by Reuters or TechCrunch; the two readings differ by the amount raised.
What the Anthropic filing reports
CNN’s account of the filing, carried by ABC7, lists the company’s ticker as ANT, with trading on the Nasdaq expected as soon as November 16 and the share count and price still to come. Revenue for the first six months of 2026 reached $16.3 billion, up 1,300 percent from a year earlier. The company reported more than 14,000 enterprise customers, about 250 of which pay $10 million or more a year, and revenue per employee that rose from $1.4 million in September 2025 to above $6.6 million in September 2026.
Then the loss. Net loss for the six months exceeded $80 billion. Just under $9 billion of it came from AI infrastructure and computing spending, which is the cost most readers expect. More than $72 billion came from a change in the fair value of convertible notes, derivative liabilities and SAFEs, instruments that investors used to buy into the company before it priced shares.
An accounting charge of that kind reflects how the value of early investors’ claims moved as the company’s valuation climbed. It is a measure of paper obligations, not cash leaving the business. The compute figure of just under $9 billion is the operating cost, and against $16.3 billion of revenue the two together describe a company whose largest reported loss came from its own rising valuation. Both lines belong in the picture, and neither substitutes for the other.
Growth figures also depend on the period chosen. SiliconANGLE cited a filing figure of 1,127 percent year-over-year growth in third-quarter revenue, a different window from CNN’s six-month number. CNN noted that results for the quarter ended September 30 were not in the version it reviewed, which suggests an amended filing added them, although neither article says so directly.
How both companies reached this point
Anthropic announced on June 1 that it had confidentially submitted a draft registration statement, a step that gave it the option to list once the SEC finished its review, as NPR reported. That came days after the Series H. The public S-1 followed on October 26, nearly five months later, which is the point where outside investors could first read the numbers.
OpenAI took a similar first step a week after Anthropic. The Next Web reported that OpenAI confirmed a confidential filing on a Monday in June, with Goldman Sachs and Morgan Stanley advising on a listing that could come as soon as the autumn. By November, SiliconANGLE was reporting a 2027 target instead. The timeline moved while Anthropic’s did not.
Legal clearance mattered along the way. Gizmodo reported that a jury ruled for OpenAI in the lawsuit in which co-founder Elon Musk asked a court to unwind the company’s conversion to a for-profit structure and to remove Sam Altman as chief executive. The same article described reporting from The Information that OpenAI’s chief financial officer and Altman disagreed about IPO timing.
OpenAI’s round: confirmed and unconfirmed
Tech Insider’s account separates what the reporting supports from what it does not. The $11 billion is described as the first portion of a round of up to $20 billion, with the remainder expected in the coming weeks. In late September Bloomberg had reported OpenAI seeking up to $30 billion at a $1.4 trillion valuation, so the closed amount and the closed price sit below the opening ask. On November 2, CNBC, via ETEntrepreneur, put commitments at about $11 billion against the $20 billion goal.
Investor names, the full total and the use of proceeds were unconfirmed. SiliconANGLE listed Microsoft as a possible participant on the strength of its earlier rounds. The company’s previous raise, $122 billion in March, valued it at $852 billion after money, per the Associated Press report on Anthropic’s May round, which also gave Anthropic’s Series H as $65 billion at $965 billion post-money, led by Altimeter, Dragoneer, Greenoaks and Sequoia.
SiliconANGLE, citing the Financial Times, said OpenAI closed the quarter with $50 billion in net annualized revenue, up 77 percent. The Information, as cited there, reported more than $665 billion in chip and data center commitments as of July. The same article reported OpenAI plans to list in 2027. Revenue, commitments and cash burn for OpenAI are not public in the way Anthropic’s now are, which limits any line-by-line comparison.
The valuation gap and the market behind it
The distance covered is large. Anthropic raised $30 billion in February at a $380 billion valuation, per Forbes Australia, then $65 billion in May at $965 billion, more than double in a few months. Forbes also reported that Claude accounted for 14 percent of AI app downloads in the second quarter, up from 1 percent in each quarter of 2025. A path that steep is the reason investors are arguing over the next step: any single price is a bet on whether the climb continues.
Anthropic reportedly targeted $2 trillion when it filed confidentially. CNBC, via Tech Insider, reported that investors were bracing for less than $1.5 trillion, with one calling that figure a stretch and another pointing to $1 trillion to $1.25 trillion as likelier. TechCrunch, citing Bloomberg, put the low case at about $1.1 trillion. SiliconANGLE, citing the Wall Street Journal, relayed a shareholder’s suggestion of about $1 trillion.
CNBC tied the lower expectations to a technology selloff that week. The same week, OpenAI’s round was described as falling short of an earlier target. When both companies’ marks converge near $1.25 trillion, the shared number reflects two different processes pulled toward each other by one market. Public buyers will price Anthropic directly. OpenAI’s price stays private until its own filing.
SiliconANGLE, citing the Financial Times, said Anthropic was expected to begin its roadshow the following week and to list before Thanksgiving. CNN’s account put trading as soon as November 16. A roadshow is where the price range is set, and the range is the number that will settle the $1 trillion to $2 trillion debate. Until it is published, every valuation figure above remains an estimate attributed to investors who may be negotiating through the press.
Risk factors written as disclosure
The S-1 runs 93 pages of risk factors, against about 30 for Snap and about 50 for Uber, according to CNN. They fall into four groups: misuse such as bioweapons or cyberattacks, loss of human control, authoritarian abuse and economic disruption. The filing says losses from extreme harm could exceed the company’s insurance coverage, and that models may take “harmful actions that no user or third party directed.”
That last category connects to earlier x9m8 reporting on Anthropic’s agent containment report on unintended actions. The revenue side has a related thread in how Claude Haiku 5.5 pricing works out per task. Pricing and volume are what the 1,300 percent growth rate is made of.
For informational purposes only — consult a licensed attorney or financial advisor.
Sources
- SiliconANGLE, OpenAI reportedly raises $11B in new funding at $1.25T valuation, November 6, 2026
- Tech Insider, OpenAI $11 billion funding at $1.25 trillion valuation
- ABC7 News (CNN Wire), Anthropic set to make stock market debut, October 26, 2026
- SecNews, Anthropic S-1 and OpenAI funding
- WTOP (Associated Press), Anthropic vaults to a $965 billion valuation, May 2026
- NPR, Anthropic files preliminary IPO paperwork, June 1, 2026
- The Next Web, OpenAI filed confidentially for an IPO
- Gizmodo, OpenAI files confidentially for IPO
- Forbes Australia, Anthropic is now worth almost $1 trillion
- Bloomberg Tech on YouTube
