OpenAI announced last week that its new funding round would target $20 billion—$10 billion less than the $30 billion it had originally planned—while still valuing the company at $1.25 trillion, the Financial Times reported.
The announcement comes after a wave of investor pullbacks, with the first close expected to raise less than the full $20 billion, the FT said, and a deadline for commitments had been set for Friday.
OpenAI is racing to secure capital before Anthropic's projected mid‑November IPO, as both frontier AI labs vie for the same high‑net‑worth investors, Reuters noted.
The market reaction has been muted, but the tech‑heavy Nasdaq Composite leapt down 2.9% on Friday, a 7.8% slide from its October 6 all‑time high, reflecting broader concerns over AI spending.
OpenAI has yet to respond to media inquiries outside of its regular business hours; analysts will keep an eye on the next funding call and any changes in AI‑related capital allocation.