OpenAI appears to be on the verge of locking in yet another massive private fundraising round instead of moving forward with an IPO. According to sources speaking with CNBC, the AI research company is working to raise as much as $30 billion at a pre-money valuation of $1.25 trillion, with Coatue and investors from the UAE leading the round.

This news echoes a Bloomberg report from a month earlier, which indicated the AI lab was pursuing a $30 billion raise at a $1.4 trillion valuation. Both reports note that the terms remain under negotiation and could shift before being finalized.

CNBC also indicates that the UAE investment might come bundled with an arrangement to secure additional computing capacity for OpenAI from the UAE. OpenAI declined to provide a comment.

If OpenAI achieves a valuation exceeding $1 trillion through this round, it would set a new record as the most valuable private company in history. Such a valuation would also set an even higher bar for OpenAI's upcoming IPO. The ChatGPT maker filed confidential paperwork for an IPO in June, following its most recent raise in March, which valued the company at $852 billion post-money.

That lofty valuation could similarly influence Anthropic's IPO, which many observers believe is nearing realization. (Whispers suggest Anthropic's public S-1 filing could arrive at any moment.) Recent reports indicate Anthropic is targeting a $1.5 to $2 trillion valuation for its public debut, per CNBC.

Anthropic raised $65 billion at a $965 billion valuation in May—a round widely expected at the time to be its final major raise before going public. The company also filed confidential paperwork in June.