HedgeCo.Net — OpenAI is now seeking to raise up to $20 billion in its latest funding round, down from an earlier target of about $30 billion, CNBC confirmed on Saturday after the Financial Times first reported the cut. The FT said the round values the ChatGPT developer at $1.25 trillion on a post-money basis.
According to the FT, OpenAI set a Friday deadline for investors to commit, and some opted to reduce their allocations. Reports put the amount secured so far at about $11 billion. Investors from the United Arab Emirates are leading the round alongside Coatue, CNBC previously reported, and a person familiar with the deal said the round remains open and its terms could still change.
OpenAI also plans to seek commitments from family offices and wealthy individuals, according to the reports, extending a pattern of the largest private technology companies tapping private wealth channels as institutional appetite becomes more selective.
The smaller target follows a week in which investors questioned whether hyperscaler spending on data centers and chips will earn adequate returns. AI-linked stocks fell sharply on Friday, and several large technology companies issued capital expenditure figures or forecasts below analyst estimates.
For venture and growth investors, the episode is a useful marker. Even the most sought-after private AI name is now negotiating size in a weaker public tape and that matters for how late-stage portfolios mark their AI exposure.