OpenAI’s latest private funding round closed at a $1.25 trillion valuation after raising roughly $15 billion in November 2026, establishing a clear benchmark ahead of its planned IPO. The company confidentially filed its S-1 in June and has targeted a 2027 listing, citing the need for stronger safety assurances on its models rather than an immediate public debut. Revenue run rates near $50 billion support the current mark, yet investor appetite has moderated following AI-sector volatility and a scaled-back raise from an earlier $1.4 trillion target. Anthropic’s impending Nasdaq debut offers a near-term comparable that could influence sentiment, while broader equity multiples, interest-rate expectations, and data-center spending scrutiny will shape the eventual public market cap. Traders are monitoring these factors for any shifts in implied valuation multiples.