OpenAI closed $11 billion in new funding on Friday, reaching a $1.25 trillion valuation. A source said this amount is part of a larger target. SoftBank and MGX joined the round as investor interest in AI companies cooled. The company previously sought a higher valuation of $1.5 trillion for itself.
Nov 6 (Reuters) - OpenAI has closed on new funding of $11 billion, the initial part of a round that values the company at $1.25 trillion, a source familiar with the matter said on Friday.
The $11 billion raised so far represents only a portion of OpenAI's original target of up to $30 billion, while the company's valuation has come down from the $1.5 trillion level it had initially sought, two investors said.
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SoftBank and MGX participated in the funding, the investors said.
Bloomberg News reported on the funding earlier on Friday.
Sentiment toward AI companies has cooled in the last month, with some investors valuing rival Anthropic's planned IPO at about $1.5 trillion, below earlier expectations of roughly $2 trillion.