OpenAI Said to Near $70B Annualized Revenue, Seeks $30B+ at $1.4T Valuation

The scale here is the story: a private company approaching $70 billion in annualized recurring revenue and seeking capital at a $1.4 trillion valuation would place AI infrastructure demand in a category previously reserved for the largest public technology firms. That matters well beyond OpenAI, because the compute, energy and data-center supply chains that feed such revenue run through listed markets and increasingly through tokenized real-world asset structures. Who ultimately leads the round, and on what terms, remains undisclosed — and whether a private valuation of this size can be sustained without public-market comparables is the open question.