OpenAI Cuts Latest Funding Target by $10 Billion, Seeks $20 Billion at $1.25 Trillion Valuation

The revised fundraising target marks a reduction from the company’s earlier plan to secure $30 billion at a valuation of $1.4 trillion.

1 min read
OpenAI [Zac Wolff/Unsplash]

OpenAI has reduced its target for its latest funding round by $10 billion and is now seeking to raise $20 billion at a valuation of $1.25 trillion, according to a report by the Financial Times on Friday.

The newspaper, citing people familiar with the matter, reported that the artificial intelligence company had revised its fundraising ambitions from an earlier target of $30 billion at a $1.4 trillion valuation.

The change represents a reduction of approximately 33 per cent in the amount OpenAI is seeking to raise, alongside a $150 billion decrease in its targeted valuation.

Reuters had previously reported that OpenAI was aiming to raise $30 billion at a $1.4 trillion valuation. The earlier report, published on October 19, said the company was seeking to accelerate its fundraising ahead of a planned initial public offering by rival AI company Anthropic.

The latest report did not provide further details on the reasons for OpenAI’s revised fundraising target or identify the potential investors involved in the round.

Sri Lanka Guardian

The Sri Lanka Guardian is an online web portal founded in August 2007 by a group of concerned Sri Lankan citizens including journalists, activists, academics and retired civil servants. We are independent and non-profit. Email: editor@slguardian.org

Leave a Reply

Your email address will not be published.

Latest from Blog