Research OpenAI's most recent reported valuation from primary and secondary market rounds as of mid-2026 — cite the specific figure, date, and source.
Full research prompt
Research OpenAI's most recent reported valuation from primary and secondary market rounds as of mid-2026 — cite the specific figure, date, and source. Calculate the implied revenue multiple at current reported ARR. Then compile comparable valuations: Anthropic's most recent funding round valuation and implied multiple, xAI's reported valuation, Google DeepMind/AI segment implied value, and relevant public SaaS/AI comps (e.g., Palantir, Snowflake, Salesforce AI). Summarize where the bull case (continued ARR hypergrowth, AGI optionality premium) and bear case (margin compression, competition, structural costs) diverge on fair value. Produce a comps table with valuation, ARR, and revenue multiple for each entity.
From OpenAI financial fact-sheet June 2026
OpenAI maintains a clear separation between its annualized run-rate revenue and actual recognized calendar revenue in financial disclosures. Official run-rate figures remain consistent according to the analysis of milestones up to June 2026.
OpenAI’s most recent primary valuation is $852 billion post-money from its $122 billion Series funding round closed March 31, 2026 (OpenAI announcement and multiple corroborating reports). Secondary market indications on Forge Global and similar platforms reached ~$880–894 billion by mid-2026 (e.g., ~$721–722 per share implying that range).[1][2][3]
Sacra and other sources peg OpenAI’s annualized recurring revenue (ARR) at ~$25 billion as of February 2026 (up from ~$20 billion end-2025), with Q1 2026 revenue at $5.7 billion and internal targets around $30 billion for full-year 2026.[4][5] This yields an implied revenue multiple of approximately 34x ($852B / $25B ARR), consistent with direct commentary on the round.[6]
Anthropic’s most recent primary round valued it at $965 billion post-money after raising $65 billion in Series H (closed ~May 28, 2026), led by Altimeter, Dragoneer, Greenoaks, and Sequoia.[7][8] Anthropic’s own announcement and Sacra data place its run-rate revenue at $47 billion in May 2026 (explosive growth from $9 billion end-2025), implying a ~20.5x multiple.[7][9]
xAI was valued at $250 billion in its February 2026 all-stock acquisition by SpaceX (part of a $1.25 trillion combined entity valuation). Prior independent round context included a ~$230 billion valuation in a $20 billion Series E (January 2026).[10][11] Revenue estimates vary: Sacra ~$3.8 billion annualized (end-2025, including X elements); standalone AI/Grok estimates closer to $500 million–a few billion ARR. This implies a high multiple (potentially 60x+ on conservative AI-only figures) reflective of infrastructure and ecosystem optionality rather than current revenue.[11][12]
Google DeepMind/AI segment lacks a clean standalone public valuation; it is embedded within Alphabet (market cap in the multi-trillions, with AI as a core growth driver). Historical notes reference DeepMind’s early low valuations, but current implied value ties to Alphabet’s overall AI investments, capex (hundreds of billions cumulatively), and contributions to Gemini/enterprise AI without a discrete break-out comparable to the pure-play labs.[13]
Public SaaS/AI comps (as of mid-2026 data):
- Palantir: Market cap estimates around $280 billion range; Q1 2026 quarterly revenue $1.633 billion (implying ~$6.5 billion+ ARR) with FY 2026 guidance ~$7.2 billion (strong AI/platform growth). Trailing/forward revenue multiples in the 40x+ range based on reported P/S metrics and growth.[14][14]
- Snowflake: Market cap ~$88–90 billion; FY 2026 revenue ~$4.68 billion (~29% YoY growth). Revenue multiples in the ~19x range (P/S metrics compressing from higher prior levels).[15][16]
- Salesforce (AI/Agentforce emphasis): Larger enterprise software multiple typically lower (teens) on its broader base, with AI products contributing incremental high-growth ARR but not shifting the overall multiple dramatically above traditional SaaS benchmarks.
Comps Table (approximate mid-2026 figures; multiples on latest reported/estimated ARR)
| Entity | Valuation | ARR (approx.) | Revenue Multiple |
|---|---|---|---|
| OpenAI | $852B (primary, Mar 2026); ~$880–894B secondary | $25B | ~34x |
| Anthropic | $965B (primary, May 2026) | $47B | ~20.5x |
| xAI | $250B (merger, Feb 2026) | ~$0.5–4B (AI-focused est.; higher incl. X) | ~60x+ (variable) |
| Palantir | ~$280B (public) | ~$6.5–7.2B (FY guide) | ~40x+ |
| Snowflake | ~$90B (public) | ~$4.7B | ~19x |
| Salesforce (AI comp) | Large public base (hundreds of billions) | Broader base; AI subset incremental | Teens (overall) |
Bull case centers on sustained hypergrowth in ARR (OpenAI/Anthropic examples of 5x+ in short periods), AGI-level optionality commanding premiums far beyond current revenue, and platform/ecosystem lock-in (data, distribution via Microsoft, enterprise adoption). This supports multiples remaining elevated or expanding if growth sustains or accelerates toward profitability inflection.[17]
Bear case highlights margin compression from structural compute/inference costs (OpenAI’s reported negative operating margins exceeding –100% in periods, heavy burn), intensifying competition eroding pricing/power, and execution risks around scaling without proportional profitability. High valuations could compress sharply if ARR growth decelerates or losses persist without clear paths to positive free cash flow.[5]
These cases diverge most on the durability of growth vs. the reality of costs/competition; pure revenue multiples today embed aggressive forward assumptions for the leaders. Public comps trade at lower multiples due to scale, profitability profiles, and lower optionality. Data is drawn from primary announcements, Sacra estimates, and contemporaneous reporting as of mid-2026.
Recent Findings Supplement (July 2026)
OpenAI’s most recent primary valuation is $852 billion post-money following a $122 billion funding round closed on March 31, 2026 (initially announced February 27 at $110 billion / $730 billion pre-money).[1][2]
This round was anchored by Amazon ($50B), NVIDIA ($30B), and SoftBank ($30B), with Microsoft and others participating; it included over $3 billion from individual investors via bank channels. A June 2026 tender offer was prepared at $687 per share (implying a valuation near the prior mark), with CEO Sam Altman signaling a potential IPO within a year or targeted at $1 trillion.[3][4]
Reported ARR stands at approximately $25 billion as of February/March 2026 (Sacra estimate; consistent with Q1 revenue run-rate of ~$5.7 billion and OpenAI statements of $2 billion monthly revenue), positioning the company on track for a $30 billion full-year 2026 target despite some reported flattening in growth.[5][6]
This implies a revenue multiple of ~34x ($852B valuation / $25B ARR). Secondary activity earlier (e.g., ~$500B valuation in late 2025 tenders) shows continued upward re-rating into the primary round.[7]
Anthropic’s latest round (May 28, 2026) values it at $965 billion post-money after raising $65 billion (Series H, led by Altimeter, Dragoneer, Greenoaks, Sequoia).[8][9]
This surpassed OpenAI and followed a February 2026 $30 billion Series G at $380 billion post-money. Anthropic reported a $47 billion revenue run-rate in May 2026 (up sharply from ~$9–14 billion earlier in the year), implying a multiple of ~20.5x.[8][10]
xAI closed a $20 billion Series E in January 2026 at a $230 billion valuation (upsized from a $15 billion target; investors included NVIDIA, Fidelity, etc.).[11][12]
It was subsequently acquired by SpaceX in an all-stock deal (February 2, 2026) implying a $250 billion standalone value within a $1.25 trillion combined entity. Standalone ARR was estimated at ~$500 million (end-2025/early 2026), yielding an extremely high multiple of ~460x at the $230 billion mark (reflecting its early stage and Grok/X integration).[13][14]
Google DeepMind lacks a standalone reported valuation. Alphabet (parent) traded with an approximate $4.8 trillion market cap in May 2026, supported by Google Cloud revenue growing 63% YoY in Q1 2026 (with AI/Gemini contributions highlighted across services).[15][16]
No isolated “AI segment” valuation is publicly broken out; DeepMind’s value is embedded in Alphabet’s broader cloud and search AI monetization.
Public SaaS/AI comps trade at materially lower multiples than the private AI leaders, typically in the 16–40x range depending on growth narrative.[17][18]
- Palantir often cited at the high end (~20–40x) due to its AIP/AI platform positioning and commercial momentum.
- Snowflake and ServiceNow around 16–20x.
- Salesforce monetizing via Agentforce (~$800 million ARR, up 169% YoY) within a broader Data Cloud/AI bundle.
These reflect more mature growth profiles versus the hypergrowth (but loss-making) private AI labs.
Comps Table (most recent available figures as of mid-2026; multiples approximate EV/ARR or equivalent)
- OpenAI: Valuation $852B (Mar 2026 primary); ARR ~$25B; Multiple ~34x.
- Anthropic: Valuation $965B (May 2026 primary); ARR ~$47B; Multiple ~20.5x.
- xAI: Valuation $230B (Jan 2026 primary; $250B post-SpaceX deal); ARR ~$0.5B; Multiple ~460x.
- Alphabet (AI/Cloud exposure): Market cap ~$4.8T (May 2026); No isolated ARR; N/A (embedded in $110B+ quarterly revenue with 63% Cloud growth).
- Palantir (example public): High 20–40x multiples cited; growth/AI narrative premium.
- Snowflake/Salesforce (examples): ~16–20x range; AI product ARR (e.g., Salesforce Agentforce ~$800M) driving portions of growth.
Bull case centers on sustained ARR hypergrowth (OpenAI/Anthropic scaling to tens of billions rapidly) plus a substantial AGI/optionality premium that justifies 20–40x+ multiples even at scale, as seen in the rapid re-ratings from $300B+ to $850B+ levels. This view assumes infrastructure partnerships (Amazon/NVIDIA compute deals) translate into durable leadership, with revenue compounding via consumer + enterprise (now >40% for OpenAI) and new modalities (e.g., GPT releases, Claude adoption).
Bear case highlights margin compression (OpenAI Q1 2026 non-GAAP operating margin –122%, with projected 2026 losses in the $14–36B range depending on source), intensifying competition (Anthropic overtaking in some ARR metrics), and structural costs (massive capex for chips/data centers).[6] Fair value divergence arises here: bulls see the data/compute moat and AGI upside sustaining premiums; bears argue that negative unit economics, execution risks on infrastructure spend, and potential commoditization of models will compress multiples toward public SaaS levels (or lower) absent clear path to profitability. Secondary tenders and IPO targeting ($1T+) reflect ongoing bull optimism, while stalled growth signals and losses underscore bear concerns.[19]
All data drawn from post-January 5, 2026 sources, prioritizing primary announcements and recent reporting.