OpenAI is seeking at least $30 billion from investors at a valuation of approximately $1.4 trillion, Bloomberg reported, as the ChatGPT maker puts its public-listing plans on hold while continuing to expand its AI products.

The proposed valuation would exclude the new capital being raised. The financing would give OpenAI additional funds ahead of a potential IPO after the company delayed plans for a 2026 listing.

OpenAI’s most recent fundraising took place in March, when it secured $122 billion at a valuation of $852 billion, including the new investment.

CEO Sam Altman has said OpenAI will not pursue a public offering this year. He pointed to heightened AI safety concerns and the difficulty of adapting to increasingly capable artificial intelligence systems.

Meanwhile, the company’s revenue has continued to increase rapidly. OpenAI’s annualized revenue run rate surpassed $40 billion during the summer and has reportedly risen 70% since July, according to Bloomberg.

The ChatGPT developer is also expanding its range of paid products. It has launched Dots, an AI agent designed to remain active continuously, and added a subscription tier priced at $500.

OpenAI’s fundraising effort comes as competing AI companies pursue their own expansion plans. Anthropic is expected to go public in November, with its IPO prospectus reportedly detailing plans to spend $518 billion on cloud computing and infrastructure.

A potential Anthropic IPO could value the company at more than $2 trillion.