The Financial Times reported late Oct. 30 that OpenAI cut its fundraising target to about $20 billion from $30 billion and lowered its target valuation to $1.25 trillion from $1.4 trillion, citing people familiar with the matter. Commitments were due that day. SoftBank’s piece reportedly shrank from $30 billion to $20 billion while Microsoft and the rest of the syndicate held near $10 billion. Nvidia walked back a planned up to $100 billion stake to a $30 billion commitment.
Contested: FT and Wall St Engine’s FT summary put the valuation cut at $1.25T from $1.4T and the ask at about $20B from $30B; CNBC on Oct. 22 had already reported up to $30 billion at a $1.25 trillion valuation led by UAE investors and Coatue, framed as an opportunistic bridge before a possible IPO, with final size still being determined. OpenAI closed a $40 billion SoftBank-led round at a $300 billion valuation in the spring. Its annualized revenue run rate was close to $50 billion at end of September, below a nearly $70 billion figure reported earlier; the company has not disputed a $70 billion pace by end of 2026. Sam Altman has said OpenAI would spend more aggressively than any company who’s ever spent on anything ahead of progress. Final terms remain unsettled.
