Private Markets: OpenAI seeks to raise as much as $100B at $830B valuation

OpenAI is said to be seeking to raise as much as $100B at an $830B valuation. Meanwhile, Databricks raised $4B at a $134B valuation and announced it crossed a $4.8B revenue run-rate.

This week’s private company news:

• Microsoft (MSFT)-backed OpenAI is seeking to raise as much as $100B as it tries to pay for ambitious growth plans in a market that has ebbed recently on the AI boom, the Wall Street Journal’s Kate Clark and Berber Jin report. The latest funding round for the ChatGPT maker, which is in the early stages, could value it at as high as $830B if it raises the full amount it is aiming for, the authors say, citing people familiar with the matter. The AI company is seeking to complete the round by the end of Q1 at the earliest, the authors say, noting that the terms of the deal could still change and it is unclear whether there will be sufficient shareholder demand to reach the target. OpenAI is anticipated to recruit sovereign wealth funds to participate in the funding, given the scale, the authors say, citing people familiar with the matter.
• SpaceX is moving forward with an insider share sale that values Elon Musk’s rocket and satellite maker at about $800B, setting up what could be the largest initial public offering of all time, Bloomberg’s Loren Grush and Edward Ludlow report. In a company message seen by Bloomberg on Friday, SpaceX said it’s preparing for a possible public offering in 2026 that would be aimed at funding an “insane flight rate” for its developmental Starship rocket, artificial intelligence data centers in space and a base on the moon. The per-share price of $421 in its latest secondary offering, laid out by Chief Financial Officer Bret Johnsen in the memo to shareholders, is nearly double the $212 a share set in July at a $400B valuation, the authors note.
• Vibe coding startup Lovable’s latest funding round values the company at $6.6B and includes U.S. VC firm Accel, sources with knowledge of the deal told CNBC, Kai Nicol-Schwarz reports. That figure is more than triple the $1.8B valuation the Swedish AI company achieved after closing its most recent funding round in July. It’s Lovable’s third in 2025 and follows a breakneck year of growth that’s seen it become one of Europe’s most valuable startups, the author notes.

Some of the biggest capital raises by private companies this week include: 

• Databricks – The company announced it is raising a greater than $4B Series L investment, valuing it at $134B. Additionally, Databricks said it crossed a $4.8B revenue run-rate during its Q3, growing greater than 55% year-over-year, including greater than $1B revenue run-rate from its Data Warehousing business and greater than $1B revenue run-rate from its AI products – all while delivering positive free cash flow over the last 12 months. Publicly traded companies in the space include Snowflake (SNOW), Palantir (PLTR), and MongoDB (MDB).
• MoEngage – The customer engagement platform raised $280M in a Series F round led by new investors ChrysCapital and Dragon Funds, alongside Schroders Capital, with continued participation from current investors TR Capital and B Capital. Publicly traded companies in the space include Braze (BRZE), Adobe (ADBE), and SAP (SAP).
• Tebra – The all-in-one EHR+ platform working with private healthcare providers said it secured $250M in new equity and debt financing to accelerate its R&D in AI and automation. Publicly traded companies in the space include Oracle Health (ORCL), Veradigm (MDRX), and NextGen Healthcare (NXGN).
• HawkEye – The signals intelligence data and analytics company completed its acquisition of Innovative Signal Analysis, supported by equity and debt financings totaling $150M. This Series E preferred equity financing round was co-led by existing investor NightDragon and Center15 Capital, with additional secured and mezzanine debt financing from Silicon Valley Bank, a division of First Citizens Bank, Pinegrove Venture Partners, and Hercules Capital.  Publicly traded companies in the space include Iridium (IRDM), Trimble (TRMB), and Spire Global (SPIR).
• Nirvana Insurance – The premier AI-native commercial insurer announced it has secured a preemptive $100M of its Series D led by Valor Equity Partners, with previous lead investors Lightspeed Venture Partners and General Catalyst also doubling down significantly. Publicly traded companies in the space include Progressive (PGR), Allstate (ALL), and Travelers (TRV).

Unicorns to watch this week:

• ezCater – The company operating in the corporate catering and food delivery space has an estimated valuation of over $1B. This holiday season the company is expected to experience strong demand, highlighted by its enterprise partnerships. Publicly traded companies in the space include DoorDash (DASH), Uber (UBER), and GrubHub (JTKWY).
• Loft Orbital – The satellite infrastructure company valued at over $1B is deploying satellites rapidly for commercial and government clients. Publicly traded companies in the space include Iridium (IRDM), Trimble (TRMB), and Spire Global (SPIR).
• Kalshi – The prediction-market startup has recently raised $185M in a funding round led by Paradigm, valuing the company at about $2B, amid regulatory approval momentum and investor interest in alternative trading. Publicly traded companies in the space include CME Group (CME), IntercontinentalExchange (ICE), and Cboe Global (CBOE).
• Modal – The AI cloud computing platform is valued at approximately $1.1B after raising $87M Series B. Publicly traded companies in the space include Amazon (AMZN), Alphabet (GOOGL), and (IBM).
  Fireworks AI – With an estimated valuation of $4B, the AI app builder’s customer base grew 10 times in 2024. Publicly traded companies in the space include Amazon, Snowflake, and Palantir.

IPOs to watch: 

• Grayscale Investments (GRAY) – The company filed a prospectus for an initial public offering on the New York Stock Exchange under the ticker symbol “GRAY.” Grayscale says it is the largest digital asset-focused investment platform in the world, with $35B in assets under management as of September 30.
• Klook Technology (KLK) – The company, which identifies itself as “the largest pan-regional experiences platform in Asia-Pacific” by gross transaction volume in 2024, announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of American Depositary Shares representing its ordinary shares.
• Speed Group (SPED) – The company filed a prospectus for 2.5M share initial public offering. It expects the IPO price to be in the range of $4.00 to $5.00 per. The company’s operating subsidiary, Speed Logistics, is an e-commerce logistics provider providing end-to-end logistics solution in Hong Kong, Europe and North America. The services include warehousing, customs clearance, air transportation, and final delivery from the European airports.
• Medline (MDLN) – The provider of medical-surgical products and supply chain solutions filed a prospectus for an initial public offering on the Nasdaq.
• Lendbuzz (LBZZ) – The company is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC.

“Private Markets” is The Fly’s recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.