OpenAI cuts the target for its funding round by $10bn to about $20bn, the Financial Times reports

OpenAI has cut the target for its latest funding round by $10bn, to about $20bn, the Financial Times reported on 30 October, according to The Next Web and Investing.com. The FT's own page did not open from here.

The FT said OpenAI had previously sought to raise $30bn at a valuation of $1.4tn. On 24 October the Switchboard ran the FT's report that the valuation target had been cut to $1.25tn. What has changed since then is the size of the round: according to Investing.com, the FT reported that the first close is expected to bring in less than even the revised $20bn. Some investors reduced their commitments as AI stocks sold off, the FT reported, according to The Next Web.

The Wall Street Journal separately reported that OpenAI has raised less than half of the $30bn it first sought, according to The Next Web. The FT said investors from the United Arab Emirates, including the state-backed fund MGX, are likely to be among the largest backers.

The report came on the day the Nasdaq had its biggest fall since June, and as Anthropic, OpenAI's closest rival, prepares to list on the Nasdaq after filing its prospectus on 27 October. OpenAI has not commented on the figures.

• Reported OpenAI has cut the target for its latest funding round by $10bn, to about $20bn, and some investors reduced their commitments as AI stocks sold off, the Financial Times reported, according to The Next Web. The Next Web
• Reported OpenAI had previously sought $30bn at a $1.4tn valuation, and the first close is expected to bring in less than the revised $20bn, the FT reported, according to Investing.com. Investing.com
• Reported OpenAI has raised less than half of the $30bn it first sought, The Wall Street Journal reported, according to The Next Web. The Next Web