OpenAI is reportedly in discussions with investors to secure a pre-IPO funding round of at least $30 billion, which would value the company at approximately $1.4 trillion. This news comes as investors show strong interest in backing the ChatGPT developer ahead of its expected public listing next year.

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Although Anthropic briefly surpassed OpenAI earlier in the year, a renewed strategic emphasis on core areas such as coding has driven a 70% increase in run-rate revenue since July, hitting $40 billion in August, according to the report. Previously, the company raised $122 billion in March at an $852 billion valuation. That round was intended to be its final private funding before an IPO, which was initially anticipated for this year.

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However, CEO Sam Altman has since stated that a public debut in 2026 is off the table, as he wants to prioritize AI safety. “I think it is unacceptable to be taking like a 10% chance of killing everybody by the end of the decade,” he told Fortune recently, addressing concerns from safety researchers about AI’s potential existential threat to humanity.

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If this new fundraising effort goes through, it will act as a bridge round leading up to the IPO, according to Bloomberg.