OpenAI lowers valuation target to $1.25 trillion in round raising up to $30 billion

Original title: OpenAI lowers valuation target, raises up to $30 billion

OpenAI is closing in on a funding round of up to $30 billion but has lowered its valuation target from the originally pitched $1.4 trillion to $1.25 trillion, according to internal documents obtained by the Financial Times and reporting by CNBC. The round is led by UAE investors and investment firm Coatue, positioned as a bridge ahead of a potential IPO, with OpenAI also negotiating a deal for additional compute capacity through the UAE. OpenAI confidentially filed an IPO prospectus with the SEC in June; CFO Sarah Friar told employees in August the company would go public by 2027, while CEO Sam Altman said in September the timing was unfavorable. Competitor Anthropic is also preparing an IPO targeting a valuation between $1.5 and $2 trillion.

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