OpenAI Lowers Funding Round Valuation to $1.25 Trillion Ahead of Possible IPO

The valuation sought fell from the $1.4 trillion OpenAI pitched in September, according to the Financial Times, after some investors pushed back on the higher price. CNBC first reported that the company is close to raising up to $30 billion at that level, excluding the new money. Bloomberg reported the cut is $150 billion, and that Coatue is in talks to co-lead. OpenAI last raised $122 billion in March at an $852 billion valuation. Reportedly, it is also negotiating more computing capacity from the UAE alongside the round. The round is pitched as an opportunistic bridge to a listing, although OpenAI has not said when it will go public. For founders, the episode shows how investor pushback can move frontier valuations within weeks, and how sovereign and fund investors are shaping the capital behind compute.