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TL;DR
The Financial Times reported that OpenAI reduced its fundraising target from as much as $30 billion to about $20 billion, a figure CNBC separately confirmed. The round is still in progress; the Wall Street Journal’s report that OpenAI has secured about $11 billion has not been independently confirmed in the supplied reporting.
OpenAI has reportedly cut its target for a new fundraising round by $10 billion, to about $20 billion, according to reports by the Financial Times and CNBC. The round has not closed, and the Wall Street Journal’s separate report that OpenAI has secured about $11 billion remains unconfirmed by another outlet cited in the source material, leaving the size and terms of the deal unsettled.
The Financial Times reported on October 30, citing people familiar with the matter, that OpenAI lowered its target from as much as $30 billion to about $20 billion. CNBC said the next day it had confirmed the $20 billion figure with a person directly familiar with the deal, who said fundraising was still underway and the figures could change. Reuters relayed the Financial Times report but did not independently confirm it, according to the source material.
The Financial Times and CNBC also reported a $1.25 trillion valuation, down from the $1.4 trillion figure initially floated. However, the accounts differ on whether $1.25 trillion refers to the valuation before or after the new funding. The source article says any conclusion that the share price has fallen further is an interpretation of those reports, not a confirmed deal term.
The Financial Times reported that an initial closing could raise less than $20 billion, with a later offering to wealthy individuals potentially filling the gap. It also said a group of UAE investors, including state-backed MGX, is expected to be the largest participant, and that OpenAI may have an option to lease computing capacity in the region. Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz were also reported as expected participants. These details have not been confirmed by OpenAI.
Infographic 01 · Confirmed or only reported
What we know about OpenAI’s shrinking round
Every number in this story comes from reporting, not from OpenAI. Here is which claim rests on how many sources.
- Target cut by $10B to about $20BTwo outlets
FT, citing people with knowledge of the matter; CNBC confirmed the figure with its own source. Round still open.
- Valuation $1.25T, down from $1.4TTwo outlets
FT and CNBC. Before or after the new money? The two CNBC reports differ.
- Friday deadline, first close below $20BOne outlet
FT. A later offering to wealthy individuals could fill the gap.
- UAE group with MGX expected to lead, option to lease computing capacityOne outlet
FT. CNBC had reported UAE investors and Coatue as leads on 22 Oct.
- About $11B secured, “tepid” response from some big investorsOne outlet
Wall Street Journal. Repeated by others, confirmed by none.
- OpenAINo comment
No reply to Reuters, CNBC or TechCrunch. No statement on its website.
How the round shrank
- 31 Mar 2026$122B closed at an $852B valuationOpenAI’s own announcement
- 22 Oct 2026Up to $30B at $1.25T, before new moneyCNBC, people familiar with the deal
- 30 Oct 2026Target cut to about $20BFT, relayed by Reuters
- 30 Oct 2026About $11B collected so farWall Street Journal
- 31 Oct 2026$20B confirmed, round not closedCNBC
“Two outlets” means two news organizations reported it with their own sources. None of this is confirmed by OpenAI.
Sources: FT via Reuters, 30 Oct 2026, CNBC, 31 Oct 2026, CNBC, 22 Oct 2026, WSJ as reported by Investing.com, 31 Oct 2026, OpenAI, 31 Mar 2026.
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Funding terms signal investor selectivity
The reported reduction matters because it suggests investors may be more selective about the price and scale of AI funding, even as large rounds remain possible. It does not, on its own, show that financing for AI companies has stopped or that OpenAI cannot raise substantial capital. The reported $20 billion target would still be a major fundraising effort; the unsettled question is whether investors will commit at the valuation and on the terms OpenAI seeks.
The scale of OpenAI’s spending plans helps explain why the company is seeking new capital. CNBC reported that OpenAI told investors in February it was targeting roughly $600 billion in total computing spend by 2030. That is a reported target, not a confirmed amount already spent or a forecast independently established here. For customers and businesses that rely on AI services, funding conditions could eventually affect pricing, capacity or contract terms, but the reports do not establish that any such changes are planned.
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A new round after a record raise
OpenAI announced on March 31 that it had closed a previous round with $122 billion in committed capital at an $852 billion post-money valuation. The company said the total included more than $3 billion from individual investors through banks and that it had expanded an undrawn credit line to about $4.7 billion. OpenAI also said at the time that it was generating $2 billion in revenue per month. Those are figures attributed to the company in the source material.
The current round is therefore being discussed only months after a financing that OpenAI described as exceptionally large. CNBC characterized the new fundraising as an “opportunistic” bridge ahead of a possible stock-market listing. The company’s finance chief reportedly told employees in August that OpenAI “will be a public company in 2027,” according to CNBC. That statement does not confirm a listing date or guarantee that a public offering will take place.
A separate development involving Meta adds to investor scrutiny of AI spending, but it is not evidence about OpenAI’s finances. S&P Global Ratings affirmed Meta’s AA- credit rating while changing its outlook from stable to negative, citing the company’s spending and concerns about monetizing AI investments. Meta said it “respectfully” disagrees. The rating action concerns Meta, not OpenAI, and should not be treated as proof that funding for the broader AI sector is drying up.
“Meta “respectfully” disagrees.”
— Meta
Deal size and valuation remain unsettled
OpenAI has not publicly confirmed the fundraising target, the valuation, the investor lineup or the reported computing-capacity arrangement. The source material says the company did not respond to requests for comment from Reuters, CNBC or TechCrunch. The reported $11 billion secured so far comes from the Wall Street Journal; the source article found no independent confirmation of that amount.
The valuation reports also leave an unresolved question: CNBC previously described $1.25 trillion as the pre-money value, while its October 31 account cited the Financial Times describing that figure as post-money. If both descriptions are accurate, the implied price per share may have changed, but that is an inference, not a confirmed fact. The final amount raised, the completed valuation and whether the round will have more than one closing remain unknown.
Watch for a closing and company terms
The immediate milestone is whether OpenAI completes an initial closing and how much investors commit. The Financial Times reported that investors had been asked to commit by Friday, October 30, and that a later offering to wealthy individuals could add funds. That reported deadline does not mean the overall round has closed; CNBC’s source said it remained in progress on October 31.
Further reporting or a statement from OpenAI could clarify the final fundraising amount, valuation, investor participation and any regional computing agreement. Until those details are confirmed, the $20 billion target is best treated as a reported goal rather than money raised, and the $11 billion figure as a single-outlet report rather than an established total.
Key Questions
What fundraising target is OpenAI reported to be seeking?
The Financial Times reported a target of about $20 billion, down from as much as $30 billion. CNBC said it independently confirmed the $20 billion figure with a person familiar with the deal. The round remains open.
Has OpenAI raised $11 billion in the round?
The Wall Street Journal reported that OpenAI had secured about $11 billion so far. In the source material, no other outlet independently confirmed that amount, and OpenAI had not publicly commented.
What valuation has been reported?
The Financial Times and CNBC reported a valuation of about $1.25 trillion, below the $1.4 trillion initially floated. Their accounts differ on whether $1.25 trillion is a pre-money or post-money valuation, so the final deal terms are unclear.
Does the smaller target mean AI funding is running out?
The reported target reduction does not establish that AI funding has stopped. It indicates that OpenAI’s current fundraising goal may be smaller than initially reported; the final amount, investor commitments and financing terms have not been confirmed.
What happens next with the fundraising?
The round is expected to continue toward an initial closing, with the Financial Times reporting that a later offer to wealthy individuals could add capital. OpenAI has not confirmed the timing or the final amount.
Source: ThorstenMeyerAI.com
