With investors still giddy over SpaceX’s historic initial public offering and Anthropic’s upcoming IPO, many hedge funds are also looking ahead to a potential third: OpenAI.
Last week, the maker of ChatGPT confidentially filed plans to go public. The filing did not target a timeline or a price, but it is widely expected to happen later this year or early next year at a roughly $1 trillion valuation.
Over the years, OpenAI has raised a total of $180 billion over 15 funding rounds, according to Tracxn, which tracks private companies’ funding activity. Those rounds include one seed, one early-stage, 11 late-stage, one debt, and one grant (prize money).
A large number of investors, including prominent hedge funds or their venture capital arms, are eagerly awaiting the public offering. Many of these firms were investors in SpaceX or Anthropic.
Tiger Global Management has participated in at least three OpenAI funding rounds, according to Crunchbase. It participated in the 2024 $6.6 billion funding at a $157 billion valuation and in the April 2023 Series E round, per Tracxn. Tiger Global initially invested in the company in 2021, when OpenAI raised capital in a financing that valued the company at $15.7 billion.
OpenAI’s largest financing was a $122 billion Series G round back in February. The company said the round was anchored by strategic partners Amazon, Nvidia, and SoftBank, with continued participation from long-term partner Microsoft. The round was co-led by SoftBank alongside other firms, including D.E. Shaw Ventures, the hedge fund firm’s VC arm; MGX; TPG; and accounts advised by T. Rowe Price Associates.
Among the many other investors that participated were hedge funds Appaloosa, Coatue Management, and D1 Capital Partners. This was at least Coatue’s second investment in OpenAI. In March 2025, Coatue participated in a $40 billion Series F funding round that valued OpenAI at $300 billion.
