Premium"Almost A Down Round": OpenAI Slashes Funding Target By $10 Billion As AI Rout Spoils "Last Chance" Pitch
So much for the last chance.
Just last month OpenAI, fresh from delaying its IPO well into 2027, was pitching a $30 billion raise at a $1.4 trillion valuation, billing it as investors' "final chance" to buy in ahead of its IPO. Tonight, the FT reports that the ChatGPT maker has slashed the target for the round by $10 billion as it "scrambles to close a deal" that has been overshadowed by the AI sell-off in public markets and by the imminent IPO of its arch-rival Anthropic. OpenAI is now seeking about $20 billion at a $1.25 trillion valuation, according to multiple people with knowledge of the matter.