OpenAI’s March 2026 $122 billion round set a confirmed $852 billion post-money valuation, with secondary trading now implying roughly $963 billion as of mid-October. Investor-led talks for an additional $30 billion-plus bridge round at a $1.4 trillion pre-money valuation—roughly 35 times the company’s $50–70 billion annualized revenue run rate—have emerged as the dominant near-term driver, extending private runway ahead of a 2027 IPO. Rapid enterprise growth, infrastructure commitments from Microsoft, Amazon, and Nvidia, and sustained multiples near 34–35x forward revenue underpin the momentum, while any delay or downward revision in the new round could moderate sentiment before year-end resolution.