OpenAI has about $11 billion in commitments for a funding round it initially targeted at $30 billion, WSJ reports

OpenAI has secured roughly $11 billion in commitments for its latest funding round, less than half of the $30 billion it initially targeted, the Wall Street Journal reported late Friday, Oct. 30, citing people familiar with the matter. The WSJ said the deal values OpenAI at $1.25 trillion, below the $1.4 trillion it had earlier hoped to reach, and that some large investors showed tepid interest. The figures are commitments, not cash received.

The Financial Times reported on Oct. 30 that OpenAI had cut its target by $10 billion to about $20 billion, Reuters said, citing people with knowledge of the matter. The FT said OpenAI had set a Friday deadline for investors to commit, and that the “first close” is expected to raise less than $20 billion after some investors reduced their allocations.

Per the FT, as relayed by Reuters, a consortium of UAE investors that includes the state-backed fund MGX is expected to be the largest participant. As part of the deal, OpenAI would gain the option to lease newly developed computing capacity in the region. Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz are also expected to take part, and wealthy individuals would have the option to invest in a later retail offering at a $1.25 trillion valuation, the FT said.

CNBC confirmed on Saturday, Oct. 31, that OpenAI is seeking up to $20 billion, down from a target of about $30 billion. A person directly familiar with the deal told CNBC the round is still in progress and has not closed, so the figures could change. CNBC reported that the FT said OpenAI would seek a post-money valuation of $1.25 trillion. On Oct. 22, CNBC had reported, citing people familiar with the deal, that the $1.25 trillion figure did not include new capital raised. The WSJ text read for this report and Reuters’ account of the FT report do not say which basis applies.

OpenAI did not immediately respond to requests for comment from Reuters or CNBC. Reuters said the company, which is pursuing a listing in 2027, has been keen to close the round partly to get ahead of Anthropic’s imminent listing, as the two are tapping a similar investor base, citing earlier Reuters reporting.

Reuters described the FT’s report as coming amid a selloff in tech stocks driven by worries about AI spending. AI Tech Daily has not independently verified the investor-level details, which come from the WSJ and FT reports.

Separately, OpenAI signed four agreements with Abu Dhabi-based entities on Monday, Nov. 2, according to the Abu Dhabi Media Office, and CNBC noted the signings came as OpenAI works to secure funding from investors in the region. The announcements reviewed gave no financial terms. Related coverage: OpenAI signs four Abu Dhabi agreements, including an ADNOC and G42 deployment with in-country inference.

OpenAI has about $11 billion in commitments for a funding round it initially targeted at $30 billion, WSJ reports

Sources