OpenAI's $30B Round: Gulf Money, a $1.4T Price, a Revenue Gap
Reported talks with Abu Dhabi's MGX and BlackRock would price OpenAI near $1.4 trillion, just as a corrected revenue figure tested investor nerves.
OpenAI is reportedly in talks to raise at least $30 billion at a valuation of about $1.4 trillion, with a group of UAE funds that may put in up to $10 billion and BlackRock also in discussions, according to Bloomberg reports relayed by Reuters on 6 October 2026. Two days later, CNBC reported that OpenAI told investors its annualised revenue run rate was about $50 billion as of late September, well below a $68 billion figure that had circulated. OpenAI has not confirmed the round, and the talks could still change.
Key takeaways
- Reported, not confirmed: a round of at least $30 billion at about $1.4 trillion, with no lead investor chosen yet. The UAE figure of "up to $10 billion" is a ceiling, not a commitment.
- The revenue gap: about $50 billion run rate in late September (per CNBC), against $68 billion in circulation. A person familiar told CNBC the higher number counted partners' revenue.
- Price check: by our calculation, $1.4 trillion is about 28 times a $50 billion run rate.
- Global read-through: Gulf capital again sits at the centre of a US round, Europe is still bidding for its own compute, and Korean memory makers are collecting the hardware bill.
What happened
Bloomberg reported on 29 September that OpenAI was seeking about $30 billion at roughly $1.4 trillion, as a bridge before an initial public offering (IPO). On 5 October it added that Abu Dhabi's MGX is discussing a syndicate of UAE funds that could invest up to $10 billion together, and that BlackRock is also in talks. According to The Next Web, OpenAI is presenting the price as fixed and no lead investor has been chosen, which is unusual for a round of this size. OpenAI and BlackRock declined to comment on the reports.
For scale, OpenAI's last round closed in March 2026 at $122 billion and an $852 billion valuation, according to TechCrunch. OpenAI has also said it is in no hurry to list: CEO Sam Altman told Fortune that now would be an "ill-advised moment to go public", as quoted by Benzinga.
Why the revenue number matters
A run rate takes recent revenue and annualises it. It is not audited revenue, and companies count it differently. CNBC reported on 8 October that OpenAI's investor materials put the run rate at about $50 billion as of late September; the Financial Times was reported by Quartz to have published the figure first. Shares of Nvidia, Oracle and CoreWeave fell that day, according to CNBC.
The same investor deck reportedly shows 77% annualised growth in the third quarter and 107% for enterprise, as relayed by DigitalToday. Tech Times, citing earlier Semafor reporting, says OpenAI records only its share of cloud-partner sales while Anthropic records the full amount, a difference that could reach $8 billion a year. We have not verified that accounting claim, and OpenAI has not commented on the record. Anthropic's own run rate was reported at $65 billion at the end of July, and the two figures are not like for like.
Strengths and risks of the deal
Strengths: demand appears strong, the growth figures are high even after the correction, and the investor pool is deep. Risks: the price has not been tested by a lead investor, the valuation multiple rises when the revenue base shrinks, and an IPO is not expected before 2027. The reported $1.4 trillion would also put OpenAI above Anthropic, whose $965 billion valuation from a May round was reported by CNBC and The Hill.
The global picture
Gulf. MGX is reported to hold stakes in OpenAI, Anthropic and xAI, according to The Next Web, which makes it a rare investor across rival labs. Whether the money flows depends on a deal that is still being negotiated.
Europe. The EuroHPC Joint Undertaking opened its call for up to seven AI gigafactories on 30 July 2026, citing expected private investment above €20 billion. Bids close on 12 November, selection is planned for early 2027 and operations within 18 months of selection. Tech Times and The Next Web both report that only about €1 billion of public money is currently committed; we treat that as reported, not confirmed. Compare that with a single US round of $30 billion.
Korea. Samsung Electronics guided to about 107.4 trillion won of operating profit on about 195 trillion won of sales for July to September 2026, per its own 8 October notice. These are estimates; final results are due on 29 October, according to The Korea Times. The Korea Times attributes the jump mainly to memory chips, including high-bandwidth memory. Samsung also led Mistral's €3 billion Series D in September, according to Mistral as reported by Techzine, so Korean hardware profit is now flowing back into European model-building. See our memory shortage explainer.
China. Capital is moving there too: see our 10 October report on Manus, which raised more than $500 million after Beijing blocked its sale to Meta.
What to watch next
- Whether OpenAI or its investors confirm the round, name a lead, or change the $1.4 trillion price.
- Samsung's final third-quarter results on 29 October.
- The EuroHPC bid deadline on 12 November.
- Any Anthropic listing date; Reuters, as relayed by TFN, reports it is likely after the US midterm elections.
Our take
The round is a test of whether investors price OpenAI on growth or on a clean revenue base. The corrected figure does not break the story, but it shows how much of this market rests on numbers that no auditor has signed. Readers should treat every run rate here as a company claim until audited filings arrive.
FAQ
How much is OpenAI reportedly raising? At least $30 billion at about $1.4 trillion, according to Bloomberg. OpenAI has not confirmed it.
Who might invest? UAE funds including MGX, possibly up to $10 billion in total, and BlackRock, in talks reported by Bloomberg and Reuters.
What is OpenAI's revenue run rate? About $50 billion as of late September, according to CNBC, not the $68 billion that circulated earlier.
Is OpenAI going public? Not in 2026; the company has pointed to 2027 at the earliest, according to Fortune and Bloomberg reporting.
AI Worldwire has no commercial relationship with the companies covered, unless stated. This is analysis, not financial advice.
Sources
- OpenAI in $30bln round talks with UAE funds, BlackRock, Reuters via TradingView, 6 October 2026 (relays Bloomberg).
- The Next Web report on the OpenAI round, The Next Web, 5 October 2026.
- OpenAI reportedly in talks to raise $30B round at $1.4T valuation, TechCrunch, 29 September 2026.
- OpenAI targets $30 billion mega round, Benzinga via Yahoo Finance, 29 September 2026.
- OpenAI revenue report and the Nvidia, Oracle and CoreWeave share moves, CNBC, 8 October 2026 (page not readable by our research run; content taken from the headline and from source 6).
- OpenAI revenue disclosure sends Nvidia, Oracle, CoreWeave AI stocks lower, DigitalToday, 9 October 2026.
- OpenAI annualized revenue $50 billion correction, Quartz, 8 October 2026.
- Investors built a $70B OpenAI revenue estimate using the wrong method, Tech Times, 9 October 2026 (the accounting claim is unverified).
- OpenAI in talks with UAE funds and BlackRock for $30B round at a fixed $1.4T price, Tech Funding News, 7 October 2026.
- EuroHPC Joint Undertaking launches AI gigafactories call, EuroHPC JU, 30 July 2026.
- EU launches AI gigafactory bidding, Tech Times, 30 July 2026.
- Samsung Electronics announces earnings guidance for Q3 2026, Samsung Newsroom, 8 October 2026.
- Samsung Electronics, first Korean firm to top 100 trillion won in quarterly operating profit, The Korea Times, 8 October 2026.
- Mistral raises $3 billion, Samsung leads round, Techzine, September 2026; also Orrick advises Mistral in its $3B Series D, Orrick, 8 September 2026.
- China's Manus raises over $500M in first funding round since split with Meta, TechCrunch, 8 October 2026.