🇺🇸OpenAI reportedly reduced its fundraising target to approximately $20 billion at a $1.25 trillion valuation; financing remains pending.

Financial Times reporting relayed through Telegram says OpenAI is seeking approximately $20 billion, down from a previous $30 billion target. The proposed valuation has also fallen from $1.4 trillion to $1.25 trillion; these remain reported fundraising terms rather than a completed financing.

The earlier fundraising proposal was presented to investors as an opportunity to invest before an IPO planned for the following year. OpenAI had cited rapid revenue growth since July when seeking an increase from its earlier $852 billion valuation, but the supplied material does not provide the underlying revenue figures.

People familiar with the discussions said some investors had reduced their intended subscriptions and that the first closing was expected to raise less than $20 billion. A consortium of United Arab Emirates investment institutions, including state-backed technology fund MGX, was described as the prospective largest investor; the transaction reportedly includes an option for OpenAI to lease newly built compute capacity in the region, not an executed capacity lease.

Founders Fund, Coatue, Sequoia Capital, Andreessen Horowitz, and SoftBank were also reported to be planning participation. OpenAI, Sequoia, Founders Fund, and SoftBank declined comment, while MGX and Andreessen Horowitz had not responded; no share terms, dilution calculation, or completed first closing is provided.