OpenAI has secured the first $11 billion (about ¥1.744 trillion) of a funding round valuing the company at $1.25 trillion (about ¥198 trillion), Bloomberg and Reuters reported on November 6, 2026. The valuation is about 47% higher than the $852 billion set in March, yet the valuation-to-revenue multiple may actually have fallen. Using the $2 billion in monthly revenue that OpenAI disclosed in March and the roughly $50 billion in annualized revenue at the end of September reported by Bloomberg, the multiple drops from about 35.5x to about 25x. However, OpenAI has not formally announced the round, and it is unconfirmed whether the two revenue figures were calculated the same way.
First $11 billion secured; valuation lands at $1.25 trillion versus an initial target of about $1.4 trillion
According to Reuters' November 6 report, OpenAI secured its first $11 billion in a round at a $1.25 trillion valuation. Bloomberg says the funds were paid in by that day and that the rest of the raise is expected to be completed within a few weeks. The total could reach about $20 billion, and Nikkei also reported that OpenAI is aiming to raise the remaining roughly $9 billion. Using an exchange rate of about ¥158.5 to the dollar, back-calculated from the yen figures in Bloomberg's Japanese edition, $11 billion comes to about ¥1.744 trillion and $1.25 trillion to about ¥198 trillion.
SoftBank Group and MGX, an investment firm in the United Arab Emirates (UAE), reportedly participated. Reuters cited two investors for both firms' involvement, but the reporting rests on anonymous sources. OpenAI itself has not announced the close, and TechCrunch says it has asked the company for comment.
The target had been lowered repeatedly on the way to this valuation. Bloomberg reported on September 29 a plan to raise $30 billion at a valuation of about $1.4 trillion. CNBC then reported on October 22 that OpenAI was seeking up to $30 billion at a $1.25 trillion pre-money valuation, and the Financial Times (FT) reported on October 30 that the target had been cut to about $20 billion. Meanwhile, two investors Reuters spoke with said OpenAI had initially sought a $1.5 trillion valuation, so reports differ on the starting target. CNBC describes $1.25 trillion as a pre-money valuation, but the November 6 reports do not make clear whether it is pre- or post-money.
The March comparison figure is one OpenAI itself published. In its announcement of March 31, 2026, the company said it had secured $122 billion in commitments and closed a round at a post-money valuation of $852 billion. That $122 billion is a commitment amount, however, and does not mean the full sum had been paid in at the time of the announcement.
In other words, the $1.25 trillion valuation is below the roughly $1.4 trillion initially reported in September, but about 47% above March's $852 billion. Depending on the starting point, the change in valuation looks opposite. To judge how much investors are paying for the company's growth, you need to look at the relationship with revenue. For more on the difference between commitments and actual payments, and on the role of UAE investors, see XenoSpectrum's earlier article and its piece on the UAE.
Valuation multiple on annualized revenue falls from 35.5x to about 25x
Annualized revenue run rate is an estimate of yearly revenue assuming recent results, such as the latest month's, continue for a full year. For example, monthly revenue of $2 billion multiplied by 12 gives annualized revenue of $24 billion. It is widely used to gauge the scale of fast-growing startups, but unlike actual annual revenue, the number varies with the period measured and how revenue is recognized. Reuters has also noted that the metric can be misleading in some cases.
In the March 31 announcement, OpenAI said monthly revenue had reached $2 billion. Multiplied by 12, annualized revenue is $24 billion, and dividing the then post-money valuation of $852 billion by that gives about 35.5x. By contrast, annualized revenue at the end of September, reported by Bloomberg on October 9, was about $50 billion. Reuters also reported that OpenAI explained a figure of about $50 billion to investors.
Dividing that $50 billion into the newly reported $1.25 trillion valuation gives a multiple of about 25x. To match March's 35.5x, annualized revenue would only need to be about $35.2 billion, and the reported $50 billion is well above that. So, if the reported figures are comparable, the valuation rose about 47% from March, but the valuation-to-revenue multiple fell about 30%.
| Point in time / condition | Valuation | Annualized revenue | Valuation multiple |
|---|---|---|---|
| March 31, 2026 | $852B (post-money) | $24B ($2B/month × 12) | ~35.5x |
| November 6, 2026 | $1.25T (reported) | ~$50B (as of end-September) | ~25x |
| For reference: Sept. 29 reports | $1.25T | Nearly $70B | ~18x |
| Condition for same multiple as March | $1.25T | ~$35.2B | ~35.5x |
Note: The March figures are the editorial team's calculations based on OpenAI's official announcement. The November valuation is from Reuters and other reports, and the $50 billion is the end-September figure reported by Bloomberg and others. The near-$70 billion reference figure is based on Axios and Reuters reports of September 29.
Reports differ, however, on end-September annualized revenue. Axios reported on September 29 that annualized revenue was approaching $70 billion, driven by rapid growth in enterprise sales, and Reuters carried a similar figure. Using that number would push the multiple down to about 18x, but this article uses the roughly $50 billion figure, which yields a higher multiple. With either $50 billion or $70 billion, the result is below March's 35.5x.
Valuation comparisons also involve a pre-money versus post-money distinction. Pre-money valuation is the company's value excluding new investment, while post-money valuation includes the new funds. March's $852 billion was post-money, whereas CNBC reports the current $1.25 trillion as pre-money. Even if one treated $1.261 trillion, which adds this round's first $11 billion, as the post-money valuation, the multiple on $50 billion would change only from 25.0x to about 25.2x, a difference of less than 1%. This difference alone does not change the calculation that the multiple is lower than in March.
Revenue definitions, Anthropic's IPO and the AI stock selloff all bear on valuation
There are, however, three important caveats to this comparison. First, the definitions of annualized revenue may not match. March's $24 billion is the editorial team's calculation from OpenAI's official announcement, while the end-September $50 billion is a figure reported from anonymous sources. It is unconfirmed whether the two use the same accounting standard or calculation method.
In fact, according to Reuters' October 8 report, the gap between the $50 billion and $70 billion figures stems mainly from adjustments to the scope of revenue recognition made for comparison with rival Anthropic. OpenAI does not count sales through cloud partners such as AWS and Google Cloud in a certain way, whereas Anthropic books them differently. With such differences, simply comparing annualized revenue cannot accurately gauge actual business scale or growth.
Also, according to internal OpenAI documents obtained by the FT, its full-year 2026 revenue forecast is $36 billion, a figure Reuters also reported. That is only about $0.8 billion above the $35.2 billion benchmark mentioned earlier. But a full-year revenue forecast and annualized revenue at a given point in time are different measures, so it would not be appropriate to use $36 billion directly in the multiple calculation. The roughly 25x multiple is therefore an estimate dependent on the reported $50 billion, and asserting that it actually fell from March would require comparable revenue data.
The second caveat is what the lowering of the valuation target signifies. Drawing on CNBC and Reuters reports, the investment site investingLive notes that a valuation below the initial target of about $1.4 trillion could be read either as investors becoming cautious on price or as OpenAI conceding on valuation to prioritize speed and certainty of funding. Reuters reported that OpenAI is rushing to lock in commitments ahead of Anthropic's IPO in mid-November. An article discussing the FT report also suggested that raising a smaller amount means giving up a smaller stake to new investors.
These are interpretations of why the valuation was lowered, and they do not contradict the calculation that the valuation-to-revenue multiple has fallen. These figures alone cannot show that investors value OpenAI's growth prospects less than before. What can be confirmed is only that, using the reported valuation and revenue figures, the revenue multiple comes out lower than in March.
The third is the changing market environment around AI-related stocks. On October 30, when the FT reported the cut to the fundraising target, the Nasdaq fell 2.9%, bringing its decline from the record high set on October 6 to 7.8%. According to Reuters, some investors estimate Anthropic's valuation at its IPO at about $1.5 trillion, below the previous expectation of about $2 trillion. If the current valuation was set amid growing caution toward AI companies, the terms of the remaining raise could change if markets recover. The current multiple should be understood strictly as based on the terms reported as of November 6.
What to watch: terms of the remaining ~$9 billion and revenue disclosure
Two conditions are worth watching to test this view of the valuation multiple. The first is whether OpenAI's annualized revenue exceeds about $35.2 billion. At a $1.25 trillion valuation, if annualized revenue calculated on the same basis falls below about $35.2 billion, the multiple would exceed March's roughly 35.5x. Conversely, if the reported level of about $50 billion is confirmed, it would support the view that the multiple has declined from March.
OpenAI was reported to have confidentially filed IPO paperwork in June 2026, but CEO Sam Altman has denied a listing within the year. Some reports say a listing will come in 2027 or later, so it may take time before detailed financial information is made public. Until then, reports based on investor materials and people familiar with the matter will be the main basis for judging revenue trends.
The second is the valuation at which the remaining raise of up to about $9 billion closes. According to Bloomberg, the round is expected to be completed within a few weeks, with total proceeds of up to about $20 billion. If the remaining funds were raised at a valuation of about $1.4 trillion or higher, the view that the valuation was cut from the initial target would need revision. Even then, whether the revenue multiple is lower than in March would depend on the final valuation and comparable annualized revenue.
A key point of contact for Japanese investors is SoftBank Group's holding in OpenAI. In its announcement of October 1, 2026, the company said it had made a final additional investment of $10 billion, bringing its cumulative investment to $64.6 billion and its stake to about 13%. Multiplying the reported $1.25 trillion valuation by 13% gives a simple stake value of about $162.5 billion. At ¥158.5 to the dollar, that is about ¥25.8 trillion, but this is a rough estimate that does not account for preferred-share rights or dilution of the stake, and it does not represent an evaluation gain for SoftBank Group. investingLive also names the company as one of the listed firms whose share price tends to reflect changes in OpenAI's valuation.
For now, the conclusion from estimates based on reported figures is that OpenAI's valuation has risen about 47% since March while the valuation multiple on annualized revenue has likely fallen. The question of whether the revenue calculation methods match remains, however. Even if accounting revenue is disclosed in future IPO documents, it cannot be equated with annualized revenue. Beyond the terms of the remaining ~$9 billion, how far the revenue recognition standards and growth pace become clear will be the key to judging whether the $1.25 trillion valuation is justified.