SAN FRANCISCO, Nov. 1, 2026 | OpenAI has cut the size of its latest funding round from $30 billion to as much as $20 billion, with about $11 billion secured so far, according to reports from the Financial Times, the Wall Street Journal and CNBC as summarized by The Next Web. The round would value the company at $1.25 trillion after the new money, down from the $1.4 trillion valuation OpenAI first pitched, per the FT.
What Was Reported About the Funding Cut
The FT first reported the $10 billion reduction on Friday, and CNBC confirmed the new $20 billion target on Saturday, citing a person familiar with the deal. The Wall Street Journal reported that roughly $11 billion had been secured, and that interest from some large investors was "tepid." CNBC's source added that the round is still open, so the figures could change.
OpenAI had not given an on-record statement in the coverage we reviewed. The Next Web notes it has not independently verified the reports. TipRanks, citing the FT, says the first close is expected to bring in less than $20 billion because some backers trimmed their planned investments.
Who Is Expected to Invest
Investors from the United Arab Emirates, including the state-backed technology fund MGX, are expected to provide the largest share, according to the FT. SoftBank, Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz are also reported to be planning to take part. TipRanks adds that the UAE arrangement would give OpenAI the option to lease newly built computing capacity in the region.
The WSJ reported that OpenAI plans to approach family offices and wealthy individuals in the coming weeks, and that it told shareholders it expects to raise more. The FT reported a later offering to wealthy individuals at the same valuation.
Analysis: What the Numbers Show
The reported figures can be compared directly. The target fell by $10 billion, which is one third of the original $30 billion. The valuation fell by $150 billion, or about 10.7% of $1.4 trillion. The $11 billion secured so far is about 37% of the original target and 55% of the new one.
At the new numbers, a $20 billion raise at a $1.25 trillion post-money valuation works out to roughly 1.6% of the company, compared with about 2.1% for $30 billion at $1.4 trillion. These are our calculations from reported figures, and the final terms may differ once the round closes.
Market Backdrop
The reports landed after a rough week for technology shares. TipRanks reports the Nasdaq 100 fell 3.46% on Friday, and The Next Web notes Alphabet shares dropped 12% on Thursday after its results. Neither outlet directly links those moves to the funding change, and we are not drawing that link either.
The Next Web also reports, citing the WSJ, that OpenAI plans to list as soon as early next year, and cites the FT in saying Anthropic plans to go public next month at a valuation of at least $1.5 trillion. For background on what a listing could look like, see our guides to the OpenAI IPO and the AI bubble debate.
Frequently Asked Questions
How much is OpenAI trying to raise now?
OpenAI is now targeting up to $20 billion, down from an original $30 billion, with about $11 billion secured so far according to the Wall Street Journal. CNBC's source said the round is still open and the figures could change.
What valuation is OpenAI seeking in this round?
The Financial Times reports a valuation of $1.25 trillion after the new money, down from the $1.4 trillion OpenAI first pitched. OpenAI has not publicly confirmed these figures. For what is known about buying exposure to the company, see our OpenAI stock guide.