OpenAI’s new funding round is starting to take shape, but it looks smaller than first planned. The ChatGPT maker has reportedly locked in $11 billion so far at a $1.25 trillion valuation, according to people familiar with the deal. The full round may land near $20 billion, well below the $30 billion target that was floated earlier this fall.
What We Know About the OpenAI Funding Round
According to Bloomberg, which cited unnamed sources on Friday, November 6, the $11 billion is only the first portion of a bigger raise. The round has not closed yet. It is expected to wrap up in the coming weeks.
One source told the outlet that the final total could come to about $20 billion. OpenAI has not publicly confirmed the numbers. It had not responded to a request for comment at the time of the first reports.
Here is a quick look at the reported figures so far.
| Detail | Reported figure |
|---|---|
| Raised so far | $11 billion |
| Valuation | $1.25 trillion |
| Possible final round size | About $20 billion |
| Earlier target (reported in the fall) | Up to $30 billion |
| Valuation after the March 2026 raise | $852 billion post-money |
| Expected close | In the coming weeks |
A Smaller OpenAI Funding Round Than First Planned
The bigger story is the gap between the goal and the result. In late September, OpenAI was reported to be seeking $30 billion at a $1.4 trillion valuation. By late October, reports put the plan at up to $30 billion at a $1.25 trillion pre-money valuation, led by Coatue and investors in the UAE.
We covered that earlier plan when it first surfaced in October. Now the valuation has held at $1.25 trillion, but the dollar amount looks like it could end up about a third lower. That still makes it one of the largest private raises ever, just not the record-setting haul investors were talking about a few weeks ago.
Why the valuation still matters
Any valuation above $1 trillion would make OpenAI the most valuable private company on record. It also raises the bar for an eventual public listing. OpenAI filed confidential IPO paperwork in June, after its March raise valued the company at $852 billion.
OpenAI had signaled it might go public this year but later pushed those plans back. Many now expect an IPO at some point next year. A big private round buys the company more runway before it has to face public market investors.
Anthropic’s IPO Shows the Same Pressure
The OpenAI news landed only hours after another report about its closest rival. Bloomberg said potential buyers of Anthropic shares in its upcoming IPO are eyeing a much lower valuation than the company had hoped for. Some reportedly think Anthropic could be valued as low as $1.1 trillion, compared with the roughly $2 trillion investors were said to expect about a month ago.
Anthropic, the maker of Claude, has already filed its S-1 for a Nasdaq listing. It raised $65 billion at a $965 billion valuation in May. Its filings have also shown fast revenue growth, which makes the valuation debate even more interesting to watch.
The wider market mood
The AI market is in a shaky spot right now. The Democratic landslide in the U.S. midterm elections, along with strongly negative voter views on data centers, has made investors nervous. Many expect tougher rules for AI companies in the next two years.
Put together, the two reports suggest investors are still willing to pay huge sums for top AI labs. They just seem less willing to pay any price.
What This Means for You
For most people, a funding round does not change how ChatGPT works tomorrow. But the money behind these labs shapes the products, prices and pace of new features you see. Here are a few practical takeaways.
- Expect OpenAI to keep spending heavily on computing power, which funds new models and features in ChatGPT itself and its API.
- A smaller raise could mean more focus on revenue, such as paid plans, business tools and usage pricing.
- If you use both OpenAI and Claude tools, keep an eye on pricing changes as both companies prepare for public markets.
- If you invest, remember these numbers are based on anonymous sources and can still change before the round closes.
- For a side-by-side look at the big assistants, see our assistant comparison guide.
Our takeaway: the trillion-dollar price tags are holding up, but the checks behind them are getting smaller and more careful.
You can follow every update on this race in our AI news section.
Sources
This story is based on reports citing unnamed sources; OpenAI has not announced the round. Reporting from TechCrunch, with background on the earlier $30 billion plan from TechCrunch’s October report.
Conclusion
OpenAI has reportedly secured $11 billion of a new round at a $1.25 trillion valuation, with the total likely to land around $20 billion. That is a huge sum, but it falls well short of the $30 billion target discussed earlier this fall. With Anthropic’s IPO valuation also under pressure and a tense political climate after the midterms, investors appear to be backing the top AI labs with more caution than before. Nothing is final until OpenAI confirms the round, so expect the numbers to shift as it closes.
