On Saturday, Altman just said: this year we won’t IPO—we’ll prioritize safety.

A few days later, investors came back—trying to cram in another round at a valuation of over $1.2 trillion. Early discussions—no amount set, and the company hasn’t officially announced anything.

Just closed a financing in March: $122 billion in committed funds, with a valuation of $852 billion. To jump on paper to $1.2 trillion, in less than half a year the valuation was pushed up a lot.

One side says “go slower,” while the valuation keeps getting raised. This kind of leverage is far more interesting than what’s happening on the market screen.

#OpenAI discusses a new round of financing with a valuation of about $1.2 trillion