The new round and the price revised downward
OpenAI is nearing the close of a new funding round of up to $30 billion, but to get there it has cut its valuation target. According to The Decoder, citing internal documents obtained by the Financial Times, the company initially proposed a valuation of $1.4 trillion to investors; that figure reportedly later fell to $1.25 trillion, as CNBC also reports.
The price correction is the most significant data point in the story: for the same capital raised, a lower valuation implies greater dilution for those entering or an implicit acknowledgment that demand is not what it was in previous rounds. The Financial Times, again according to The Decoder, indeed reports weaker demand than in the past, with some backers reportedly complaining of a kind of 'indigestion' after the heavy investments made in previous fundraisings.
Who is putting up the money and what the transaction is for
The $30 billion round would reportedly be led by investors from the United Arab Emirates and the investment firm Coatue. The Decoder specifies that the transaction is presented as a bridge ahead of a potential initial public offering. CNBC adds, according to the source's account, that OpenAI is also reportedly negotiating a commercial agreement to obtain additional computing capacity through the UAE.
The link between capital raising and computing capacity is the point to watch: if confirmed, the financing would not only serve to shore up the cash position but would be tied to infrastructure necessary for the business. However, this is an ongoing negotiation, not a completed agreement.
The listing remains a goal, not a set date
On the stock exchange front, The Decoder reports that OpenAI confidentially filed an IPO prospectus with the SEC in June. In August, Chief Financial Officer Sarah Friar reportedly told employees that the company would be listed by 2027; in September, however, CEO Sam Altman described the timing as unfavorable for a stock market debut, a position that according to the source he had already communicated internally in June.
The picture that emerges is therefore coherent: a private round with high ambitions but a revised price, intended to cover the period separating the company from the public market, without the timing of the listing being fixed with certainty. Competitor Anthropic is moving within the same horizon, also described as preparing an IPO, with a valuation target of between $1.5 trillion and $2 trillion. The comparison between the two figures should be read with caution: they are stated or reported targets, not valuations actually realized.
