OpenAI has entered early-stage discussions with investors about another private fundraising round before its IPO, with a potential valuation of about $1.2 trillion, the Financial Times reported. The figure would be roughly 41% above the $852 billion valuation from its $122 billion funding round in March. Investor outreach was initiated by backers rather than OpenAI, and the fundraising amount could change in the coming months. Whether the round proceeds and its timing depend on OpenAI’s IPO schedule, with CEO Altman saying Saturday that an IPO is unlikely before 2027. OpenAI spent $34 billion last year, while annualized revenue rose 20% to more than $40 billion last month after the release of GPT-5.6.