OpenAI has closed $11 billion in new funding at a $1.25 trillion valuation, according to people familiar with the matter, who said on Friday that the money is the initial part of a larger round that has not yet closed.
The full OpenAI round could total about $20 billion, with the remaining roughly $9 billion expected to be finalized in the coming weeks. OpenAI has lowered its fundraising targets in recent weeks, according to a person familiar with the discussions.
The current figures land well short of earlier ambitions. In late September, OpenAI was reported to be looking to raise $30 billion in this round.
Key facts
- 01OpenAI has closed $11 billion in new funding at a $1.25 trillion valuation, per people familiar with the matter.
- 02The $11 billion is the initial portion of a round that could total about $20 billion.
- 03The rest of the round is expected to close in the coming weeks.
- 04In late September, OpenAI was reported to be seeking $30 billion in the round.
- 05The same day, potential buyers of Anthropic IPO shares were reported eyeing a valuation as low as $1.1 trillion.
No investors in the $11 billion tranche have been named publicly. OpenAI did not respond to requests for comment on the report.
The raise comes as investors reprice the largest AI labs. On the same day, potential buyers of Anthropic IPO shares were reported to be eyeing a valuation as low as $1.1 trillion, compared with the $2 trillion investors were said to expect roughly a month earlier.
Tech stocks have been volatile this week following the Democratic sweep of both chambers of Congress in the midterm elections, with negative voter sentiment about data centers cited as one factor weighing on AI-linked shares.
OpenAI had earlier signaled a 2026 IPO before pushing it back. The company is now expected to be ready to go public in 2027.
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