OpenAI valuation history: every reported round from 2019 to the $1.25 trillion talks

OpenAI's valuation history runs from an undisclosed figure in 2019, when Microsoft invested $1 billion, to reported talks at $1.25 trillion on October 22, 2026. Along the way, OpenAI has announced only three valuations itself. Most of the other well-known numbers came from employee share sales reported by the press, not from new money going into the company. This explainer lists each round, says who reported it and whether OpenAI confirmed it, and explains why tender offers and primary rounds shouldn't be read the same way. For how the company is structured and makes money, see our OpenAI explainer.

This story is based on OpenAI's and Microsoft's announcements, OpenAI's statement about its confidential IPO filing, and reporting by CNBC, Bloomberg, Reuters, TechCrunch, the Wall Street Journal and the New York Times as relayed by the outlets named below, checked October 25, 2026.

The short version

• Confirmed by OpenAI: $157 billion post-money (October 2, 2024), $300 billion post-money (March 31, 2025) and $852 billion post-money (March 31, 2026).
• Reported, from share sales: about $14 billion (2021 tender), $27 billion to $29 billion (April 2023), $86 billion (February 2024), $500 billion (October 2025) and $852 billion again (August 2026).
• Reported talks: more than $1.2 trillion (September 16, 2026), $1.4 trillion pre-money (September 29) and $1.25 trillion pre-money (October 22).
• What changed on October 22: CNBC put the price about $150 billion below Bloomberg's September figure and named UAE investors and Coatue as leads. OpenAI declined to comment to TechCrunch, and as of October 25 it hadn't announced that the round had closed.
• IPO: OpenAI said in June 2026 that it had confidentially submitted a draft S-1. It hasn't set a date.

How has OpenAI's valuation changed over time?

It has risen roughly sixtyfold in five years, if you start from the 2021 tender offer. The chart plots each valuation that OpenAI announced or that a named outlet reported for a completed deal, plus the two most recent sets of talks.

OpenAI's valuation by deal, 2021 to October 2026

US dollars, billions; post-money where OpenAI announced it, otherwise as reported

05001K1.5K1250

2021 tenderApr 2023 tenderFeb 2024 tenderOct 2024 roundMar 2025 roundOct 2025 share saleMar 2026 roundAug 2026 tenderSep 29, 2026 talksOct 22, 2026 talks

Show the data

Deal	Valuation
2021 tender	14
Apr 2023 tender	29
Feb 2024 tender	86
Oct 2024 round	157
Mar 2025 round	300
Oct 2025 share sale	500
Mar 2026 round	852
Aug 2026 tender	852
Sep 29, 2026 talks	1400
Oct 22, 2026 talks	1250

In numbers: about $14 billion after a 2021 tender offer; $27 billion to $29 billion in an April 2023 share sale; $86 billion in a February 2024 tender; $157 billion in October 2024; $300 billion in March 2025; $500 billion in an October 2025 share sale; $852 billion in March 2026, repeated in an August 2026 tender; then talks at $1.4 trillion and $1.25 trillion.

The dates, deal types and investors behind each point are below. The valuations are in the chart and the paragraph above, not repeated here.

Last verified: October 25, 2026

Which OpenAI valuations are official?

Three. On October 2, 2024, OpenAI said it had "raised $6.6B in new funding at a $157B post-money valuation." On March 31, 2025, it announced "$40 billion at a $300 billion post-money valuation," naming SoftBank Group as its partner. On March 31, 2026, it said it had closed "$122 billion in committed capital" at an $852 billion post-money valuation.

That last round was anchored by Amazon, NVIDIA and SoftBank, with Microsoft participating. SoftBank co-led with a16z, D. E. Shaw Ventures, MGX, TPG and accounts advised by T. Rowe Price. For the first time, OpenAI also took money from individual investors through bank channels, more than $3 billion of it. Forbes and others put that round's pre-money valuation at $730 billion.

Microsoft's two big commitments carry no valuation at all. Microsoft announced "an investment of $1 billion" on July 22, 2019. OpenAI's January 23, 2023 post described a "multi-year, multi-billion dollar investment" without a figure; Bloomberg reported it as $10 billion.

What's the difference between a tender offer and a funding round?

In a primary round, the company sells new shares and keeps the cash. In a tender offer or secondary sale, existing holders, usually employees, sell shares they already own to investors, and the money goes to the sellers rather than to the company. Both set a price per share, so both imply a valuation, but a secondary price isn't the same signal as a primary round that funds the business.

Several of OpenAI's best-known numbers are secondary prices:

• About $14 billion, 2021. The Wall Street Journal reported in January 2023 that this was the valuation set by OpenAI's 2021 tender offer, according to SiliconANGLE's summary.
• $27 billion to $29 billion, April 2023. TechCrunch reported that OpenAI closed a share sale of more than $300 million "as part of a tender offer," with Sequoia, Andreessen Horowitz, Thrive and K2 Global among the buyers.
• $86 billion, February 2024. Bloomberg reported on February 17, 2024, that OpenAI had completed a deal, led by Thrive Capital, letting employees sell shares. It had been delayed by the board's ousting of Sam Altman in November 2023.
• $500 billion, October 2025. Reuters reported on October 2, 2025, that current and former employees sold about $6.6 billion of shares to Thrive Capital, SoftBank, Dragoneer, MGX and T. Rowe Price.
• $852 billion, August 2026. CNBC reported on August 10, 2026, that OpenAI had completed a $7 billion employee share sale at the March round's price, according to Quartz's summary.

What is OpenAI's valuation as of October 2026?

Its last confirmed valuation is still $852 billion, set on March 31, 2026. Everything above that is talks.

On October 22, 2026, CNBC reported that OpenAI is "closing in on a funding round" of up to $30 billion at a $1.25 trillion valuation that "does not include new capital raised," which makes it a pre-money figure. Citing people familiar with the deal, CNBC said investors from the UAE are leading the round alongside Coatue, that OpenAI is also negotiating a deal for more computing capacity from the UAE, and that OpenAI told investors it aims to secure signatures by the end of the following week, with the final size still being determined. TechCrunch, reporting the same round, said terms could change; OpenAI declined to comment to TechCrunch. As of October 25, 2026, OpenAI hadn't announced that the round had closed. If the full $30 billion came in at that price, the post-money valuation would be about $1.28 trillion, which is 9to5AI's arithmetic, not a reported figure.

Why is $1.25 trillion lower than the earlier $1.4 trillion report?

The reports don't give a confirmed reason. Here's how the figure moved:

• September 16, 2026: the WSJ reported early talks at "more than $1.2 trillion," and the NYT's DealBook reported that investors had offered $1.2 trillion while OpenAI sought up to $1.5 trillion, according to Forbes.
• September 29: Bloomberg reported talks to raise at least $30 billion at about $1.4 trillion, a figure Quartz described as pre-money. Our September story covers that report.
• October 6: Bloomberg reported that UAE funds including Abu Dhabi's MGX were in talks to anchor the round and had discussed up to $10 billion combined, that BlackRock was in discussions, and that OpenAI was presenting the $1.4 trillion pre-money figure "as a set price," per Business Standard's republication.
• October 22: CNBC's $1.25 trillion figure.

Proactive Investors, citing Bloomberg and the Financial Times, wrote on October 23 that OpenAI cut its target after "resistance from prospective investors" and that the raise could fall short of $30 billion. 9to5AI couldn't read those original reports, so treat that explanation as unconfirmed.

When is OpenAI's IPO?

There's no date. In a post on X reported on June 8, 2026, OpenAI said: "We recently submitted a confidential S-1." It added that it hadn't decided on timing and "it may be a while." SiliconANGLE reported that CFO Sarah Friar told employees in August that OpenAI "will be a public company in 2027," and Sam Altman has said a 2026 listing would be "ill-advised," as our September story reported. CNBC described the new round as a bridge ahead of a potential IPO.

How does OpenAI's valuation compare with Anthropic's?

On announced numbers, they're close. Anthropic raised $65 billion at a $965 billion post-money valuation on May 28, 2026, above OpenAI's $852 billion from March. Anthropic confidentially submitted its own draft S-1 on June 1, 2026. CNBC reported that Anthropic is seeking $1.5 trillion to $2 trillion for its public debut, according to TechCrunch, while Reuters reported investors discussing about $1.5 trillion, according to Al Jazeera, as our Anthropic IPO story notes. None of those IPO figures is confirmed.

Valuations also rest on revenue figures that aren't measured the same way at the two companies. Our gross vs net explainer covers why their run-rate headlines can't be compared directly.

What's confirmed, reported and uncertain

• Confirmed: Microsoft's $1 billion (2019) and multi-billion (2023) investments; the $157 billion, $300 billion and $852 billion post-money rounds; the $122 billion and $40 billion amounts; OpenAI's confidential S-1 submission.
• Reported: every tender-offer valuation ($14 billion, $27 billion to $29 billion, $86 billion, $500 billion, the August 2026 sale at $852 billion); the $10 billion Microsoft figure; the $750 billion talks reported in December 2025; the $1.2 trillion, $1.4 trillion and $1.25 trillion talks; the Coatue and UAE leads.
• Uncertain: whether the round closes, at what size, and whether the price holds; why the reported price fell; any IPO date.