According to reports from the Financial Times and The Wall Street Journal, OpenAI has begun preliminary negotiations with investors for a new round of funding at a valuation of $120 billion (approximately 807 billion Chinese yuan).

According to insiders, this round of funding discussions was initiated by investors, and whether it will be finalized and the exact timing will depend on OpenAI's listing plans; the initial valuation of $120 billion may also change during the negotiations in the coming months.

Previously, OpenAI raised $12.2 billion at a post-money valuation of $82.5 billion in March of this year. CEO Sam Altman recently stated that the company is unlikely to go public within 2026.

In terms of revenue, OpenAI's quarterly revenue in the second quarter of 2026 was $6.7 billion; according to insiders, its "run rate" (annualized revenue) broke through the $40 billion mark in August, with a 20% month-over-month increase. Currently, OpenAI's active user count has exceeded 1 billion.