OpenAI's $30 billion financing has a new development: on October 22, 2026, Bloomberg reported, citing people familiar with the matter, that OpenAI has cut the target valuation for its new funding round from $1.4 trillion to $1.25 trillion (pre-money), with the round sized at up to $30 billion. Negotiations are in the final stretch, and OpenAI hopes to lock in investor signatures by the end of next week; terms could still change, and OpenAI declined to comment.
The lead investors are also emerging: Coatue and Emirati investors are leading, with several UAE funds including Abu Dhabi's MGX in talks to join a consortium investing up to $10 billion, and BlackRock also in discussions. CNBC separately reported the round could be tied to a commercial compute-supply agreement with the UAE.
Why the cut? Reuters' analysis points to a broad repricing of AI investment: after Meta, Tesla and others reported earnings, tech stocks slid this week, and investors are growing more cautious about massive AI spending and its returns. One person familiar said the earlier $1.4 trillion pitch to private-banking clients landed flat.
The background is worth revisiting: in early October, Bloomberg reported OpenAI was seeking at least $30 billion at a fixed $1.4 trillion pre-money valuation; the previous round was just this March — $12.2 billion raised at an $852 billion post-money valuation. Even cut to $1.25 trillion, the figure still towers over the March round's $852 billion post-money mark.
The cut itself is the signal
A lower valuation target does not mean the financing is cooling — the $30 billion round is intact and the lead-investor roster is formidable. The real signal is the shift in pricing power: from "any number gets taken" to "the market is getting picky." Reuters also notes a timing backdrop: OpenAI wants to lock in investors before Anthropic's mid-November IPO. Whether Anthropic's IPO pricing gets caught in the same mood is worth watching.
Related: OpenAI races ahead with $30B round: locking in a $1.4T valuation before Anthropic's IPO
