OpenAI has secured roughly $11 billion in commitments for its latest financing against an original $30 billion target, The Wall Street Journal reported, citing people familiar with the matter. The report valued the company at $1.25 trillion.
OpenAI has also cut its fundraising target to about $20 billion, Reuters reported on October 30, citing the Financial Times. Some investors reduced their allocations, leaving the expected initial close below the revised goal. A later offering would let wealthy individuals invest.
OpenAI sells ChatGPT subscriptions to consumers and businesses and supplies models that developers can build into their own software. It also offers Codex, a coding agent for software development.
In March, OpenAI announced a separate round with $122 billion in committed capital, anchored by Amazon, Nvidia and SoftBank. Individual investors supplied more than $3 billion of that financing through bank channels.