OpenAI Finalizes Funding Talks with Valuation Target Cut to $1.25 Trillion

On October 23, according to Bloomberg, sources familiar with the matter revealed that OpenAI, which is seeking to raise approximately $30 billion in its latest funding round (IT Home note: equivalent to roughly RMB 200.68 billion at current exchange rates), has set a **target valuation of$1.25 trillion** (equivalent to roughly RMB 8.36 trillion) in the final stages of negotiations.

The sources stated that OpenAI lowered the previously discussed valuation by $150 billion**, down from **$1.4 trillion (equivalent to roughly RMB 9.37 trillion). The new target stands at $1.25 trillion (equivalent to roughly RMB 8.36 trillion). The individuals also noted that fundraising negotiations are still ongoing and specific details remain subject to change.

Additionally, Reuters previously reported that OpenAI is racing against time to secure investor commitments, aiming to complete the funding before its competitor Anthropic is expected to go public in mid-November.

Further Reading

OpenAI’s valuation expectations have undergone multiple changes over the past few months. On September 16, 2026, combining reports from the Financial Times and The Wall Street Journal, it was reported that OpenAI had begun preliminary discussions with investors for a new funding round at a valuation of $1.2 trillion. At the time, this initial valuation was considered likely to change during negotiations over the coming months. Subsequently, on September 30, 2026, Bloomberg reported that OpenAI planned to complete a funding round prior to its Initial Public Offering (IPO), raising at least$30 billion at an enterprise valuation of approximately $1.4 trillion. If this round is finalized, the funds will serve as a bridge financing round to pave the way for the subsequent IPO. Looking back at OpenAI’s funding history, in March 2026, the company completed a$122 billion funding round at a post-money valuation of $852 billion, marking its largest round to date. This round was co-led by SoftBank, Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG, and T. Rowe Price, with participation from Amazon, NVIDIA, and Microsoft. At the time, OpenAI also announced that, supported by several top global banks, its revolving credit facility had been expanded to approximately$4.7 billion. Regarding OpenAI’s timeline for going public, CEO Sam Altman has ruled out an IPO in 2026, stating that priority must be given to implementing AI safety measures. In a recent interview with Fortune magazine, he said, “If there is about a 10% probability that AI could cause the extinction of all humanity by the end of this decade, I believe that is unacceptable.” Other reports indicate that OpenAI’s Chief Financial Officer has informed employees that the company will go public no later than 2027. In terms of revenue and expenditure, OpenAI’s quarterly revenue for Q2 2026 stood at $6.7 billion. Its “run rate” (annualized revenue) surpassed the$40 billion mark in August 2026, representing a 20% month-over-month increase, with active users exceeding 1 billion. Furthermore, OpenAI previously told investors that it had adjusted its compute capacity target for 2030 down to $600 billion, while projecting total revenues exceeding$280 billion by 2030.