OpenAI Closes About $11 Billion at $1.25 Trillion Valuation, Far Below Its $30 Billion Goal, Sources Say

Since OpenAI began raising money at a $1.25 trillion valuation, the open question has been how much cash would actually land. As of today, Nov. 6, there is an answer for the first piece: roughly $11 billion, wired to the company this Friday, according to people familiar with the matter who spoke on condition of anonymity. OpenAI declined to comment.

The remainder of the round is expected to be completed in the coming weeks, one of those people said, and the total could reach as much as $20 billion.

A smaller round than planned

OpenAI originally set out to raise $30 billion or more at a $1.4 trillion valuation, according to earlier Bloomberg reporting. Two investors told Reuters the company had initially sought a $1.5 trillion valuation. The two accounts of the original ask differ, but both put the starting point above $1.25 trillion.

The $11 billion in hand is about 37% of the $30 billion goal. Even the scaled-back $20 billion ceiling is a third below it.

The round has been underway for more than a month, after OpenAI delayed its plans for an initial public offering. In March, the company closed a $122 billion round at an $852 billion valuation.

Who is in

Coatue Management and T. Rowe Price contributed to the first close, the people said. Other investors in the round include SoftBank Group, Sequoia Capital, Founders Fund and Andreessen Horowitz. A syndicate of backers from the United Arab Emirates has also joined. Two investors told Reuters that SoftBank and MGX took part.

SoftBank, Founders Fund and T. Rowe Price declined to comment. Coatue, Andreessen Horowitz and Sequoia did not immediately respond to requests for comment.

OpenAI is also working with investment banks to raise money from high-net-worth individuals and retail investors, the people said.

Why the numbers came down

Sentiment toward AI shifted sharply after the round kicked off. Bloomberg's sources cite two concerns: the scale of spending on physical AI infrastructure, and the potential for new obstacles to data center construction after the U.S. midterm elections. Public AI stocks have also sold off, according to Bloomberg.

No investor has been quoted on the record tying OpenAI's specific cut in target to either concern. Those are the explanations Bloomberg's sources offer for the broader chill.

The pressure is not confined to OpenAI. Rival Anthropic's planned IPO is being re-priced too, though the figures vary by account. Bloomberg reported that potential buyers are discussing a range of $1.2 trillion to $1.3 trillion, down from $1.5 trillion. Reuters said some investors value it at about $1.5 trillion, below earlier expectations of roughly $2 trillion. TechCrunch, citing Bloomberg, reported that some potential buyers see a valuation as low as $1.1 trillion.

An $11 billion private close is still enormous. The deal-tracking service Dealroom described it as one of the largest single private AI closings of 2026, even as it fell well below what OpenAI floated weeks ago.

The valuation also did not collapse. At $1.25 trillion, OpenAI is still priced far above its March mark of $852 billion. What changed is the ask: fewer dollars, at a lower price than the company wanted.

The Information reported Friday that OpenAI plans to update its investors next week now that the $11 billion is locked in. OpenAI has not said whether the rest of the round will reach $20 billion or stop short.

The IPO remains further out. OpenAI president Greg Brockman has indicated that 2027 is a more realistic target for the company to be ready for public markets. Public investors would then get to set a price without the private negotiating that produced this round.