AI Mega-Rounds: Funding, ARR Milestones, Secondaries — 2026-10-24
OpenAI is nearing a historic $30 billion funding round at a $1.25 trillion valuation, led by UAE investors, while Chinese AI leader DeepSeek reportedly raised $15 billion despite U.S. restrictions. Meanwhile, venture capital firms are employing "tranched" two-step funding structures to inflate valuations for early-stage AI startups, and secondary market data reveals a widening gap between OpenAI’s tender offer prices and Anthropic’s soaring secondary valuation.
AI Mega-Rounds: Funding, ARR Milestones, Secondaries — 2026-10-24
Top developments
OpenAI Nears $30B Raise at $1.25T Valuation
OpenAI is close to finalizing a new funding round of up to $30 billion at a $1.25 trillion pre-money valuation, intended as a bridge to its anticipated 2027 IPO. The round is being led by UAE investors and Coatue, marking one of the largest private funding events in history. If confirmed, this valuation would make OpenAI the most highly valued private company ever.
DeepSeek Raises $15B Amid U.S. Restrictions
Chinese AI firm DeepSeek has reportedly raised $15 billion in one of China’s largest funding rounds, occurring just days after the U.S. ordered federal agencies to remove its technology due to national security concerns. This massive capital infusion highlights the resilience of Chinese AI labs and the continued appetite for domestic AI infrastructure investment despite geopolitical tensions.
Flapping Airplanes Lands $1B at $6B Valuation
Flapping Airplanes, a year-old AI research lab, raised $1 billion in a Series A round at a $6 billion valuation. The company, which aims to build AI models without ingesting "half the internet," secured this funding just nine months after its $180 million seed round. This deal exemplifies the current trend of investors betting on newer AI research labs that have yet to introduce commercial products.
Legal AI Startup Legora Raises $550M at $8.8B Valuation
Swedish legal AI startup Legora raised $550 million in a funding round that values the company at $8.8 billion post-money. The capital will be used to expand into new markets, signaling strong investor confidence in vertical AI applications within the legal sector.
VC Firms Use "Tranched" Rounds to Inflate Early-Stage Valuations
Venture capitalists are increasingly using tranched, two-step funding structures to drive up valuations for AI startups, even those without products or websites. For example, startup Emulate’s valuation was pushed into the billions despite being only three months old. This practice allows investors to secure positions in hot AI deals while managing risk, but it raises concerns about valuation sustainability.
Local view
China’s AI IPO Rush and Valuation Adjustments
Chinese media reports indicate that Moonshot AI (Kimi) has completed its final pre-IPO private round at a valuation of approximately $50 billion, with plans to list on the Hong Kong Exchange in Q1 2027. The company aims to raise up to $5 billion in this IPO. Meanwhile, peers like Zhipu AI and MiniMax are experiencing stock price corrections in the public markets, leading to discussions about whether the "scarcity premium" for large model companies can be sustained.
Context & numbers
Q3 2026 Funding Data and AI Share
Global venture funding reached $159 billion in Q3 2026, with AI startups capturing 64% of the total ($102 billion). Late-stage funding totaled $105 billion, with rounds of $100 million and above accounting for nearly 90% of late-stage financings. A record 27 companies raised billion-dollar-plus rounds in a single quarter.
AI Debt Boom Exceeds $500 Billion
The AI infrastructure build-out has driven total AI-related debt issuance past $500 billion by late 2026. This borrowing spree is fueling the sector's expansion but is also raising credit risks as investors question the sustainability of profits from data center investments.
On the radar
Anthropic Secondary Market Valuation Surges
While Anthropic’s recent tender offer was priced at a $350 billion valuation, secondary market data from Forge suggests the company’s valuation has pulled ahead past $1.1 trillion. This significant gap between internal tender prices and secondary market marks indicates strong investor demand and potential upside for early employees and investors.
OpenAI Secondary Market Activity
OpenAI completed a $7 billion tender offer at an $852 billion valuation in August. Current secondary market data on Forge shows active bids for OpenAI shares, with the company’s valuation continuing to rise ahead of its planned IPO.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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