US-based OpenAI has reportedly reduced the size of its latest funding round, according to multiple media reports. The Financial Times reported that the artificial intelligence company has cut its target from a previously reported USD 30 billion to USD 20 billion. The first close is expected to come in below the revised figure.
A follow-up report by The Wall Street Journal said OpenAI has secured USD 11 billion to date. It also said that some large investors had responded to the round with limited enthusiasm. TechCrunch, which compiled the reports, said it had contacted OpenAI for comment.
A shrinking target ahead of a planned IPO
Reports in September 2026 indicated that OpenAI was seeking USD 30 billion at a valuation of USD 1.4 trillion. In October 2026, later reports placed the valuation at USD 1.25 trillion. The round was still sized at USD 30 billion at that point and was positioned ahead of a planned initial public offering.
The latest figures point to a further revision. The target now stands at two-thirds of the original amount. The USD 11 billion secured so far is less than half of the initial goal and roughly 55% of the revised one. Over a period of weeks, OpenAI has therefore adjusted first its valuation and then the size of the raise. Neither report states whether the USD 1.25 trillion valuation still applies under the reduced target.
According to the Financial Times, a group of investors from the UAE will lead the round. The publication added that a subsequent offering aimed at wealthy individuals could bring total proceeds to the USD 20 billion mark.
This structure suggests that institutional commitments alone may fall short of the revised target, with the retail tranche expected to close the gap. Including a high-net-worth component also widens the investor base before any public listing.
Market conditions for AI funding
The reported difficulties come as sentiment on Wall Street shifts. Investors have grown wary of heavy spending on AI infrastructure, and that caution has contributed to a major sell-off in technology stocks.
OpenAI is not the only AI developer facing pressure in capital markets. Reports indicate that Anthropic, which is also preparing for an IPO, could face its own challenges. In addition, credit agencies are reportedly expected to assign the company a high junk rating following its listing.
Taken together, the reports point to a more selective funding environment for large AI developers as they approach public markets. Investors appear to be scrutinising infrastructure-heavy business models more closely. For OpenAI, the final size of the round and the response to the retail offering are likely to be watched as indicators of investor appetite ahead of its planned IPO.
