OpenAI has reportedly reduced its fundraising target by $10 billion. The company behind ChatGPT is now reportedly seeking $20 billion, up from $30 billion initially. Its targeted valuation also falls from 1,400 to 1,250 billion dollars. A revision that comes as investors become more cautious about colossal spending on AI.
In brief
- OpenAI is reducing its funding target from $30 billion to $20 billion, according to the Financial Times.
- Its targeted valuation drops by $150 billion.
- The fall in tech stocks and competition from Anthropic are making fundraising more difficult.
OpenAI reduces its AI ambitions by $10 billion
Change is important. At the end of September, OpenAI was still seeking $30 billion from investors, with a valuation close to $1.4 trillion. Tremplin.io then reported OpenAI’s financial ambitions, a few months after a previous fundraising of $122 billion concluded in March.
A month later, conditions changed. According to the Financial Times, which cites several people close to the discussions, OpenAI is now targeting around 20 billion of dollars. The initial objective was therefore reduced by a third.
The valuation offered to investors increases at the same time to 1,250 billion dollars. This is 150 billion less than the amount envisaged in September, a drop of around 10.7%. Investors had to communicate their commitments before Friday October 30. However, this first financial closing could bring in less than the 20 billion sought.
Some participants reportedly reduced the amounts they planned to invest. OpenAI has not officially confirmed these new goals. When contacted by the media, the company did not provide detailed comment on the information reported.
This revision comes after several months of rapid revenue growth for OpenAI. The company remains one of the leading developers of artificial intelligence models, but it must finance particularly high computing needs.
Wall Street begins to doubt AI spending
On October 30, the Nasdaq 100 lost 3.5%. The American index, heavily exposed to technology companies, had briefly fallen by around 10% from its October 6 record. Semiconductor makers and several AI infrastructure-related companies also suffered significant sell-offs.
Investors are particularly wondering about the profitability of the hundreds of billions of dollars spent on data centers, chips and the electricity needed to run the models.
This debate is not new. On October 22, billionaire Ken Griffin had already warned of the risks of a financial bubble linked to AI. The Citadel founder believes that investments in computing capacity could exceed the real needs of some companies.
At OpenAI, planned expenses remain considerable. According to internal projections, the company was looking at nearly $856 billion in cumulative IT and infrastructure spending through 2030.
Its forecast also showed approximately $278 billion in cumulative negative free cash flow over the 2026-2030 period. These figures are projections, not losses already realized. OpenAI expects strong revenue growth from ChatGPT subscriptions, enterprise services and developer use of its models. But investors are now looking more closely at the relationship between expected growth and the capital needed to finance it.
Anthropic further complicates the financing of OpenAI
OpenAI also has to deal with a particularly active competitor. Anthropic, the company behind Claude, is preparing an IPO which could take place as early as November 2026. Its valuation could reach at least $1.5 trillion. The amount remains indicative and will depend on market conditions. Both companies are seeking some of the same large investors.
OpenAI would seek to finalize its fundraising before Anthropic’s arrival on the markets. Its own IPO remains planned for 2027, without a definitively confirmed timetable. Tremplin.io had already examined the stock projects of OpenAI and Anthropic, as well as the possibilities of exposure to their valuations before their listing.
Despite the reduction in its goal, OpenAI would still have several important supporters. A consortium of investors from the United Arab Emirates, including the MGX fund, could become the main participant in this operation. The planned deal would also give OpenAI the ability to lease new computing capacity in the region.
Other potential investors include Founders Fund, Coatue, Sequoia Capital, Andreessen Horowitz and SoftBank. A second phase could then allow large private fortunes to participate in the financing.
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