OpenAI has reportedly lowered the target for its latest funding round to $20 billion, down from the $30 billion it was previously reported to be raising. The Financial Times reported Friday that the first close of the round is expected to land even lower than that figure.
The round is set to be led by a group of investors from the United Arab Emirates, according to the FT. A later retail offering aimed at wealthy individuals could push the total back up toward the $20 billion mark.
OpenAI funding round: what we know so far
The Wall Street Journal followed up with more detail, reporting that OpenAI has secured $11 billion so far and that its fundraising efforts drew a "tepid" response from some large investors. TechCrunch says it has reached out to OpenAI for comment, and the company has not confirmed the numbers publicly.
Earlier reports had placed the round at a $1.4 trillion valuation, later revised to $1.25 trillion, ahead of a planned IPO. The new, lower target suggests those expectations are being scaled back.
- Original target: $30 billion, at a $1.4 trillion valuation
- Revised valuation: $1.25 trillion
- New target: $20 billion, with the first close expected lower
- Secured so far: $11 billion, per The Wall Street Journal
- Lead investors: a group from the United Arab Emirates, per the FT
