OpenAI 正处于早期谈判阶段，计划以约 1.4 万亿美元的投前估值融资至少 300 亿美元。彭博社和 The Information 于周二报道了这一消息。这轮融资将为 ChatGPT 制造商注入新资金，此前该公司推迟了上市计划。
OpenAI is in early talks to raise at least $30bn at a valuation of around $1.4tn, before the new money. Bloomberg and The Information reported the talks on Tuesday. The round would give the ChatGPT maker fresh capital after it pushed back its stock market listing.
据 Rebecca Torrence、Edward Ludlow 和 Shirin Ghaffary 为彭博社报道，知情人士透露，此轮融资旨在作为过桥资金，替代首次公开募股（IPO）。谈判处于早期阶段，条款可能会发生变化。其中一位知情人士表示，投资者主导了需求。OpenAI 拒绝就此向彭博社置评。
Rebecca Torrence, Edward Ludlow and Shirin Ghaffary reported for Bloomberg that the round is meant as a bridge, in place of an IPO. The talks are early and the terms could change, according to people familiar with the matter. One of them said investors are leading the demand. OpenAI declined to comment to Bloomberg.
The Information 的 Valida Pau 报道称，OpenAI 尚未与任何投资者签署条款清单。该媒体将该交易描述为预 IPO 轮融资，预计将于 2027 年上市。
Valida Pau of The Information reported that OpenAI has not yet signed a term sheet with any investor. It described the deal as a pre-IPO round, ahead of a listing expected in 2027.
据彭博社报道，OpenAI 于 3 月以 8520 亿美元估值（含新资金）融资 1220 亿美元。9 月 15 日，彭博社报道称该公司正考虑以 1.2 万亿美元估值进行新一轮融资。据报道，3 月投资者之一的软银正在通过发行约 110 亿美元债券筹集资金，以支付其下一笔 OpenAI 投资款。
The OpenAI valuation since March OpenAI raised $122bn in March at a valuation of $852bn, including the new money, Bloomberg reported. On 15 September, Bloomberg reported that the company was considering a round at $1.2tn. SoftBank, one of the March investors, is reportedly raising about $11bn in bonds to cover its next OpenAI payment.
据彭博社报道，1.4 万亿美元的估值可能使 OpenAI 重新超越 Anthropic 最近的私募估值。两家公司均已秘密提交上市申请，Anthropic 最快可能于今秋上市。路透社本周报道称，Anthropic 招股书显示其 2025 年亏损 420 亿美元。
A $1.4tn valuation could put OpenAI back above Anthropic’s latest private valuation, according to Bloomberg. Both companies have filed confidentially to go public, and Anthropic could list as soon as this autumn. Its prospectus shows Anthropic lost $42bn in 2025, Reuters reported this week.
Sam Altman 表示 OpenAI 今年不会上市。他周二在接受彭博电视采访时称，公司正在适应新的 AI 能力水平，同时也必须满足随之而来的安全要求。
Sam Altman has said OpenAI will not go public this year. He told Bloomberg TV on Tuesday that the company is adjusting to a new level of AI capability. It also has to meet the safety requirements that come with it.
Altman 表示：“我们只想站稳脚跟，确保理解如何在这种新模式下运营，并能在没有新上市公司压力的情况下，做出摆在我们面前的一些决策。”
“We just want to get our feet under us and make sure we understand how to operate in this new way, [and] be able to make some of these decisions in front of us without the pressure of being a newly public company,” Altman said.
他补充说，他认为投资者将会“耐心等待”。周一，OpenAI 表示已取消 GPT-6.1 Astra 的发布。该模型未能通过内部安全测试。
He added that he believes investors will be “patient”. On Monday, OpenAI said it had cancelled the launch of GPT-6.1 Astra. The model failed its internal safety tests.
年化收入运行率接近 700 亿美元 据 Axios 的 Madison Mills 周二援引知情人士透露，OpenAI 的年化收入运行率正逼近 700 亿美元。自第三季度初以来，运行率已增长逾 70%。同期企业收入翻了一番多。
A revenue run rate near $70bn OpenAI’s annualised revenue run rate is nearing $70bn, Madison Mills of Axios reported on Tuesday, citing sources familiar with the financials. The run rate has grown more than 70% since the start of the third quarter. Business revenue has more than doubled in that time.
在消费者方面，Axios 报道称，OpenAI 在第三季度新增的收入超过了其 2025 年全年的新增收入总和。Axios 无法获知 OpenAI 的支出情况。彭博社 8 月报道称，运行率已突破 400 亿美元。
On the consumer side, OpenAI added more revenue in the third quarter than it added in all of 2025, Axios reported. Axios could not learn OpenAI’s expenses. Bloomberg reported in August that the run rate had topped $40bn.
一位消息人士向路透社确认了这些数字。路透社指出，运行率通常是将单月收入乘以 12 计算得出。路透社报道称，向 OpenAI 提供算力的甲骨文股价周二上涨 5.3%。
A source confirmed the figures to Reuters. Reuters noted that a run rate often multiplies one month’s revenue by 12. Shares of Oracle, which supplies OpenAI with computing capacity, were 5.3% higher on Tuesday, Reuters reported.
D.A. Davidson 董事总经理 Gil Luria 告诉路透社：“甲骨文的命运在很大程度上与 OpenAI 的成败绑定，后者约占其算力积压订单的一半。”
“Oracle’s fate is largely tied to the success of OpenAI, which represents around half of its compute backlog,” Gil Luria, managing director at D.A. Davidson, told Reuters.