OpenAI cuts fundraising target by US$10 billion as AI sell-off deepens
OpenAI has cut US$10 billion from its fundraising target, now seeking about US$20 billion at a US$1.25 trillion valuation, as an AI stock sell-off and a rival's looming listing cool investor appetite. The figure stood at US$30 billion at a US$1.4 trillion valuation a month earlier, according to Token Times, which cited people familiar with the matter.
Some investors have trimmed their commitments to the round, the report said, a sign of growing unease at the sums being poured into artificial intelligence. The Nasdaq 100 fell 3.5% on Friday, and OpenAI's scaled-back ambitions landed against that backdrop.
A group of investors from the United Arab Emirates, including state-backed MGX, is expected to be the largest participant, according to the report. SoftBank Group and venture firms including Sequoia Capital, Coatue Management, Founders Fund and Andreessen Horowitz also plan to take part. OpenAI, Sequoia, Founders Fund and SoftBank declined to comment, the report said, while MGX, Coatue and Andreessen Horowitz did not immediately respond to requests for comment.
The round faces competition from Anthropic PBC, which is preparing to go public next month at a valuation of at least US$1.5 trillion, the report said. OpenAI, which raised US$122 billion in March, wants fresh capital to finance its computing build-out as it weighs an initial public offering of its own next year.
The retreat matters beyond one company: private AI valuations have become a benchmark for venture and public-market investors alike, and a smaller OpenAI round would test how much capital the sector can still absorb at trillion-dollar prices.
