OpenAI cuts funding round target by $10 billion to about $20 billion, FT reports

OpenAI has cut the target for its latest funding round by $10 billion and is now seeking about $20 billion at a $1.25 trillion valuation, the Financial Times reported, citing people with knowledge of the matter; Reuters relayed the report. The ChatGPT maker was aiming to raise $30 billion at a $1.4 trillion valuation last month, and the round has been overshadowed by an AI sell-off in public markets and the imminent listing of rival Anthropic. CNBC reported last week that UAE investors and Coatue were leading the round, which OpenAI has positioned as a bridge ahead of a potential IPO.