More than a year after Nigerian billionaire Adebayo Ogunlesi joined OpenAI’s board, the ChatGPT maker is in early talks with investors about a new funding round that could value the company at more than $1.2 trillion, according to people familiar with the matter.

The discussions are still preliminary and come as OpenAI considers raising additional capital ahead of a potential initial public offering. The timing of any new financing could depend partly on when the company decides to pursue a listing, the people said. The investors initiated the talks, one of the people said, asking not to be identified because the discussions are private.

OpenAI CEO Sam Altman recently said the company’s long-awaited IPO would not take place this year. A new funding round could give OpenAI more flexibility to delay a listing by one or two quarters, according to another person familiar with the discussions. The additional capital could also help the company pursue acquisitions as it expands its artificial intelligence business.

OpenAI funding talks put Ogunlesi in focus

OpenAI has grown rapidly since ChatGPT was launched in late 2022, becoming one of the technology industry’s most closely watched companies. The company reported about $20 billion in annualized revenue in 2025 as it continued to spend heavily on computing infrastructure, employees and product development. Those costs have weighed on profitability even as demand for its products has increased, particularly among corporate customers.

The funding talks also highlight Adebayo Ogunlesi’s role on the board as OpenAI seeks the capital and computing capacity needed to support its expansion. Ogunlesi co-founded Global Infrastructure Partners, which managed more than $100 billion in assets before BlackRock agreed to acquire the firm for $12.5 billion. The deal included $3 billion in cash and 12 million BlackRock shares valued at $9.5 billion, lifting Ogunlesi’s net worth to $2.5 billion.

OpenAI expands funding and acquisitions

Since Ogunlesi joined the board in 2025, OpenAI has continued to raise capital, acquire companies and commit billions of dollars to computing infrastructure. In March, OpenAI closed its latest funding round with $122 billion in committed capital at a post-money valuation of $852 billion. The round included major global investors and was accompanied by an expansion of the company’s revolving credit facility to about $4.7 billion.

OpenAI has also stepped up acquisitions as it expands beyond its core AI models and chatbot business. The company acquired io, an AI device startup founded by former Apple executive Jony Ive, in a deal valued at $6.5 billion. It has also agreed to acquire Astral, a startup that develops Python tools for software developers. The deals come as OpenAI seeks to invest more in AI models, products and computing infrastructure while weighing its next move toward the public markets.