OpenAI is in talks with investors to raise at least $30 billion in a pre-IPO funding round at a valuation of roughly $1.4 trillion, Bloomberg reported on Tuesday. Investors are eager to pour more funds into the ChatGPT maker ahead of its anticipated public market debut next year.

The new raise follows a $122 billion round in March at an $852 billion valuation, which was supposed to be the company’s last private raise before an IPO — one initially expected this year. CEO Sam Altman has now ruled out a public debut in 2026, saying he wants to prioritize AI safety first. Responding to warnings from safety researchers about existential risk, he told Fortune, “I think it is unacceptable to be taking like a 10% chance of killing everybody by the end of the decade.” The new fundraising, if it happens, will serve as a bridge round to the IPO, according to Bloomberg.

The report also offers context on OpenAI‘s recent trajectory: Anthropic momentarily outpaced the company at the start of the year, but a strategic refocus on key areas like coding has fueled a 70% jump in run-rate revenue since July, reaching $40 billion in August. OpenAI did not respond to TechCrunch’s request for comment.