OpenAI is racing to secure investor commitments for a funding round ahead of Anthropic’s expected mid-November IPO.

Sources have stated OpenAI aims to complete this fundraising before Anthropic publishes full public financial disclosures required for the offering. OpenAI and SoftBank declined to comment on the fundraising. Anthropic and MGX did not respond to requests for comment.

Both AI labs are expected to pursue public listings in coming months, each with estimated valuations of at least $1 trillion. The two competing labs share dozens of common investors at the time of publication.