OpenAI raises $11B at $1.25T valuation, below $1.4T target

According to TechCrunch and 24/7 Wall St., OpenAI closed an $11 billion funding round at a $1.25 trillion valuation, falling short of its reported $1.4 trillion ask. The $11 billion represents the first close of a larger round expected to total roughly $20 billion, down from OpenAI's initial $30 billion target reported in late September. Bloomberg reported the round remains unclosed and CEO Sam Altman continues signaling an IPO in 2027.