OpenAI Cuts Its Funding Target by $10B as Tech Stocks Sell Off
OpenAI Cuts Its Funding Target by $10B as Tech Stocks Sell Off The Financial Times reports OpenAI has slashed its latest funding round target by $10 billion — now seeking about $20 billion at a $1.25 trillion valuation, down from $1.4 trillion. Investors faced a Friday deadline; the first close is
Posted on Nov 1 • Originally published at rohantechofficial.com
The Financial Times reports OpenAI has slashed its latest funding round target by $10 billion — now seeking about $20 billion at a $1.25 trillion valuation, down from $1.4 trillion. Investors faced a Friday deadline; the first close is expected under $20B.
Context: the Nasdaq fell 2.9% Friday, down 7.8% from its Oct 6 high, on AI-spending fears. A UAE consortium including MGX is expected to be the biggest backer. And there's a race on: OpenAI wants this closed before Anthropic's IPO, with both chasing the same investors.
$20B is still historic. But the era of ever-rising AI valuations just ended — even for OpenAI.
Full story: https://rohantechofficial.com/tech-news/openai-slashes-funding-target-10b/