OpenAI’s latest private round closed at a $1.25 trillion pre-money valuation after raising $11–15 billion, down from an initial $30 billion target at $1.4 trillion, reflecting softer AI equity sentiment and infrastructure cost concerns. Annualized revenue reached roughly $50 billion in September with enterprise sales now comprising the majority and a $70 billion run-rate target by year-end, supporting the elevated mark despite ongoing operating losses near $11 billion. The company confidentially filed an S-1 in June but has deferred any 2026 listing to prioritize AI safety, with executives signaling readiness for a 2027 IPO. Rival Anthropic’s imminent debut provides a near-term valuation benchmark, while broader market volatility in tech shares and high capital requirements remain key swing factors for eventual public pricing.