OpenAI's fundraising is narrowing. On October 30, 2026, the Financial Times reported that OpenAI had cut the target for its latest funding round from $30 billion to $20 billion; the Wall Street Journal then reported that OpenAI had so far secured only about $11 billion in commitments, less than half of the original target, at a $1.25 trillion valuation. The figures come from people familiar with the matter, and OpenAI has not publicly confirmed them, so the final outcome will depend on the actual closing.
This was not the first cut in this round. OpenAI initially sought up to $30 billion at a $1.4 trillion valuation, and reports on October 22 said the valuation had already fallen to $1.25 trillion, while the amount sought was unchanged. On October 23, this site reported OpenAI's valuation cut to $1.25 trillion (/article/2816); the focus then was the valuation, whereas this time it is the amount itself. The Financial Times said OpenAI had set October 30 as the deadline for investor commitments, but the first close was expected to raise less than $20 billion, with some investors reducing their allocations. The Wall Street Journal said OpenAI had told shareholders it would keep fundraising for several more weeks, targeting family offices and high-net-worth individuals.
Why are investors getting pickier?
The direct reason is comparison. Anthropic's IPO filing published this week showed second-quarter revenue of $11.6 billion, more than double the first quarter, alongside a small operating profit; the Wall Street Journal's reported figures for the same period put OpenAI's revenue at about $6.7 billion, up about 18% from the previous quarter, with operating losses deepening. Anthropic is expected to list in November, and the two companies are courting the same investors, so OpenAI had wanted to lock in commitments before its rival's listing. The wider backdrop is cooling market sentiment: after earnings from Google, Amazon and Intel, tech stocks sold off, and investors' patience with the returns on AI spending is thinning.
What does $11 billion mean?
First, it is still a huge financing, and there is no question of OpenAI running out of money; second, it shows bargaining power shifting toward investors, and OpenAI will need more time and a more dispersed investor base to close the gap. The IPO plan has not changed, and OpenAI still expects to list as early as next year, but the slower fundraising pace will make the market look more closely at whether its revenue growth can keep up with its spending on computing and people. Two things are worth watching next: whether additional commitments in the coming weeks can push the total toward $20 billion, and whether OpenAI adjusts its valuation or terms further. Until the company makes a formal announcement, all figures should be read as reported.
