What it means that OpenAI is speeding up its $30 billion round before Anthropic goes public — October 20, 2026
· CompaniesAutomation
Flash edition of the Radar: OpenAI seeks $30 billion before Anthropic's IPO and touts lower prices. What your company should do now.
Flash edition. A follow-up to this morning's Radar. The two major AI model providers are now competing for the same investor money, and it shows in what they charge you.
What happened
OpenAI wants to close a round of approximately $30 billion, which could value it at over $1.4 trillion, before Anthropic goes public, likely in mid-November. Reuters reported this on Monday night, citing two sources familiar with the matter. SoftBank, the Abu Dhabi fund MGX, and other existing backers are in talks to join. Last week, while Anthropic held its investor day, OpenAI was meeting with sovereign wealth funds and traditional asset managers (Source).
According to one source, OpenAI is telling investors it has reached $50 billion in annualized revenue and expects $70 billion by year-end, that cutting prices on its cheaper models has boosted usage, and that it can cut them further. It wants to close before Anthropic's filings invite comparison: OpenAI reports its revenue in net terms and accuses Anthropic of inflating its own by counting the full gross value of contracts sold through third-party cloud providers. Anthropic responds that it follows established accounting practices. Anthropic reached $16.8 billion in the third quarter, but its month-over-month growth has slowed, which worries investors. OpenAI and SoftBank declined to comment (Reuters in Spanish).
Why it matters
It is "a two-horse race," as a capital markets lawyer who is not involved in the deal put it. To sell themselves, both need to show usage growth, and the weapon OpenAI is already showing off is price. As long as the fight for capital lasts, the customer buying models has more bargaining power than a year ago. However, their revenue figures aren't measured the same way, so they shouldn't be used to choose a provider.
For your company
- Compare based on your tasks, not their headlines. Run 20 real tasks through each provider's cheap model and track cost per completed task and error rate.
- Have two proven providers. If your process only works with one, you won't be able to take advantage of the other's next price drop.
- Review your spending caps. Once they are listed, their quarter depends on you consuming more, as we explained in our October 15 flash edition.
On the AI First ladder, an agent that only works with one provider is not UNATTENDED: it depends on someone else's strategy.
Frequently asked questions
When is Anthropic going public?
It is expected in mid-November, but there is no official date.
What about OpenAI?
It plans to go public in 2027. According to investors cited by Reuters, this round would also provide a cushion if the market delays that plan.
Will API prices go down?
OpenAI is telling its investors it can lower them further, but hasn't said by how much or when. Decide based on what your own test measures.