OpenAI in early talks to raise at $750B valuation
Dec 18, 2025
Key Points
- OpenAI is in early talks to raise $10 billion to $100 billion at a $750 billion valuation, up 50% from its $500 billion valuation months ago.
- Sovereign wealth funds are the only investors capable of deploying checks at this scale, with Middle Eastern investors having sufficient capital if they forgo competing acquisitions.
- Recent product momentum and strong real-world adoption data are reversing the collapse narrative that dominated weeks ago, positioning OpenAI to justify its higher valuation.
Summary
OpenAI is in early talks to raise at a $750 billion valuation, according to Katie Roof. The round could involve tens of billions of dollars or even $100 billion, a significant jump from OpenAI's $500 billion valuation a few months ago.
Sovereign wealth funds are the likely source of capital at this scale. Hyperscalers and traditional venture investors cannot deploy checks of $10 billion or more. If Middle Eastern sovereign investors pass on other major acquisitions such as Warner Brothers, they have sufficient dry powder to move quickly.
The timing reflects a sentiment shift. Weeks ago, skeptics were calling OpenAI a potential collapse story. That narrative appears to be fading. The market has already repriced downward, and recent product momentum, including the upcoming January release of adult mode, is beginning to rebuild confidence. OpenAI 5.2 has not excited observers publicly, but real-world adoption data tells a different story. OpenAI appears to be finding its footing after a rough patch, with growth metrics as the primary signal of whether the company can sustain momentum and justify its higher valuation.