Deepwater Asset Management's Gene Munster said OpenAI's rumored $830 billion valuation may still be too low on Friday, arguing that explosive growth, unmatched scale, and Big Tech's all-in AI push outweigh mounting losses and bubble fears.

Munster Says OpenAI's Valuation Still Misses AI's Upside

Taking to X, Munster said OpenAI's next funding round could value the company at $830 billion—and that the figure may still underestimate its long-term potential.

"The mind-numbing reality of AI's potential," Munster wrote on X, adding that OpenAI's valuation is "up roughly 28x in four years," yet "still undervalued."

The mind-numbing reality of AI's potential: OpenAI's next round is rumored at an $830B valuation, up roughly 28x in four years, and I believe it is still undervalued:https://t.co/bya0MZdRc1

— Gene Munster (@munster_gene) December 19, 2025

In a related blog post, Munster cited a Wall Street Journal report that OpenAI is seeking to raise about $100 billion at an $830 billion post-money valuation by the end of March 2026.

Despite widespread skepticism, he said "there is a sound case that OpenAI is attractively valued" and could "realistically double or triple in value over the next few years."

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