FT: OpenAI cuts fundraising target by $10 billion — Channel NewsAsia

According to Channel NewsAsia, OpenAI has cut the target size of its new funding round by $10 billion. As the Financial Times reported, citing people familiar with the matter, the startup now aims to raise $20 billion at a valuation of $1.25 trillion.

Round parameters

This concerns the target parameters of the latest funding round, rather than funds already raised: the company aims to secure the stated amount. Channel NewsAsia published this information citing Reuters, while Reuters cited a Financial Times report. FT reported the change in the round’s parameters on Friday, October 30.

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Previous plans

Last month, OpenAI said it planned to raise $30 billion at a valuation of $1.4 trillion. Thus, the new fundraising target is $10 billion lower than the previous one, while the stated company valuation is $150 billion lower than under the previous plans.