OpenAI raises $11 billion at $1.25 trillion valuation
OpenAI has completed the first stage of a new funding round, raising approximately $11 billion at a company valuation of $1.25 trillion. Total investment could reach $20 billion in the coming weeks.
According to Bloomberg, the funds had reached the ChatGPT developer's accounts by November 6. The information came from people familiar with the deal's terms, as the company has not yet publicly announced its completion.
The new funding round comes as investors reassess their expectations for the artificial intelligence sector. Initially, OpenAI aimed to raise at least $30 billion at a valuation of $1.4 trillion, but subsequently lowered its targets.
Who invested in OpenAI
Coatue Management and T. Rowe Price participated in the first stage of funding. Sources also identified SoftBank Group, Sequoia Capital, Founders Fund, and Andreessen Horowitz among the round's other investors.
A consortium of investors from the United Arab Emirates also joined the financing. Meanwhile, OpenAI is working with investment banks to attract capital from wealthy individuals and retail investors.
The new funding round followed the company's decision to postpone its stock market debut. Earlier reports indicated that OpenAI's IPO would take place no earlier than 2027.
For comparison, the developer raised $122 billion in March at a valuation of $852 billion. The company's new valuation therefore represents an increase of approximately 47%.
Investors reassess AI company valuations
OpenAI's reduced funding target coincided with a sell-off in technology stocks. Investors are concerned about massive spending on computing infrastructure and potential restrictions on data center construction following the U.S. midterm elections.
The changes have also affected OpenAI's competitors. Prospective investors in Anthropic are discussing a valuation of $1.2 trillion to $1.3 trillion for the Claude developer, compared with the previously considered $1.5 trillion.
Despite deteriorating market sentiment, OpenAI continues to expand its business. In particular, the company announced the acquisition of startup Pierre Computer, which develops tools for storing and managing software code.
The company plans to integrate Code Storage technology into Codex, strengthening the platform's capabilities for developers. The deal reflects OpenAI's ambition to compete not only in code generation but also in the infrastructure used to store and deploy software.
Earlier, we reported that OpenAI had stepped up its work on public policy initiatives amid discussions about artificial intelligence ahead of the 2028 U.S. presidential election.
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