OpenAI is reportedly close to securing another mega round of private funding, rather than plowing ahead with an IPO. The AI lab is working on raising up to $30 billion at a $1.25 trillion pre-money valuation in a round led by Coatue and investors in UAE, sources told CNBC.

This follows a similar report by Bloomberg a month ago which said the AI lab was working on raising $30 billion at a $1.4 trillion valuation. Terms are still being negotiated, both outlets report, so they could ultimately change. CNBC reports that the UAE funding could also be coupled with a deal to secure more computing capacity for OpenAI from the UAE, too. OpenAI declined comment.

Should OpenAI command a valuation of more than $1 trillion with this round, it would break records as the most valued private company ever. That valuation would also raise the bar even higher for OpenAI’s forthcoming IPO. OpenAI filed confidential paperwork for an IPO in June, after its last raise in March valued the ChatGPT maker at $852 billion post-money.

That high valuation could also have ramifications for Anthropic’s IPO, which many believe is closer to materializing. (Rumors suggest we could see Anthropic’s public S-1 filing any day now.) The latest reports have Anthropic seeking a $1.5 to $2 trillion valuation for its public debut, CNBC reports. Anthropic raised $65 billion at a $965 billion valuation in May in what many believed at the time would be its last big round before an IPO. It also filed confidential paperwork in June.