Analysis
OpenAI trims its funding round to about $20 billion and a $1.25 trillion valuation
According to the Financial Times, OpenAI cut its funding target by $10 billion, to about $20 billion, and its target valuation to $1.25 trillion. What is reported, what CNBC confirms, and what is not established.
As of November 2, 2026, OpenAI has lowered the target of its ongoing funding round by $10 billion, to about $20 billion instead of about $30 billion, and its target valuation to $1.25 trillion instead of $1.4 trillion, according to the Financial Times as relayed by Reuters and others. CNBC confirmed on October 31 that OpenAI is seeking up to $20 billion and that the round is still open. We did not read the Financial Times article; OpenAI has made no comment that we found.
The essentials
- What changed: per the FT, the target size fell from about $30 billion to about $20 billion, and the target valuation from $1.4 trillion to $1.25 trillion, a $150 billion cut.
- What is confirmed: CNBC says OpenAI is seeking up to $20 billion, the round is not closed, and the figures may change. CNBC attributes the $10 billion cut and the $1.25 trillion to the FT.
- The Anthropic link: reported motives, not OpenAI statements. Reuters said OpenAI wanted to close in part ahead of Anthropic's listing; the FT says some investors prefer to wait for Anthropic's share price.
- What stays open: final size and valuation, whether the figure is pre- or post-money, who actually takes part, and the timing.
What exactly changed?
Bloomberg reported on September 29 that OpenAI was seeking at least $30 billion at a valuation of about $1.4 trillion, excluding the money raised. According to the FT, Friday, October 30 was the deadline for commitments, and some investors reduced their stake, so the first close would bring in less than $20 billion (Reuters, relaying the FT). The context reported is a pullback in tech stocks and closer scrutiny of AI spending.
Source: FT via Reuters, CNBC (October 30-31, 2026). Based on press reports; the FT article was not read.
One caveat: CNBC described the $1.25 trillion as pre-money on October 22, and as post-money in its October 31 article citing the FT. The gap could be up to about $20 billion, so the basis of the valuation is unclear. For scale, OpenAI raised $122 billion at an $852 billion valuation in March 2026 (Tech Funding News, Yahoo Finance).
Who would take part in the round?
Reported, not confirmed: a consortium of investors from the United Arab Emirates including state-backed MGX, probably the largest. In return, OpenAI would reportedly have an option to rent new computing capacity in the region. Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz are also expected, and wealthy individuals might join later at the same valuation. We found no confirmation of any of these names or amounts.
What link is there with Anthropic's listing?
Two motives are reported. Reuters, in earlier coverage relayed by Investing.com, said OpenAI, which is aiming for its own listing in 2027, wanted to close in part to get ahead of Anthropic's listing, since both target similar investors. The FT, via secondary outlets, says some investors would rather see how Anthropic's shares trade before deciding.
Anthropic is the maker of Claude, and we take no side. Press reports put its listing as soon as mid-November; we have not confirmed that.
Source: Bloomberg, FT, CNBC via relays (September to November 2026).
What is not established?
The final size and valuation, and whether the basis is pre- or post-money. The amounts actually committed, and who really takes part. Any statement from OpenAI. Whether the round closes before or after Anthropic's listing. And what the FT article says beyond what the press relays.
Comparison table
| Point | What sources say as of Nov 2, 2026 | Source |
|---|---|---|
| Target size | About $20 billion, down $10 billion from about $30 billion | FT via Reuters, CNBC |
| Target valuation | $1.25 trillion, versus $1.4 trillion | FT via Reuters |
| Status | Still open; figures may change | CNBC |
| Expected participants | UAE consortium including MGX; Founders Fund, Coatue, Sequoia, a16z | FT via Yahoo Finance, Tech Funding News |
| Anthropic link | Reported motives: timing against its listing; investors waiting | Reuters, FT via KuCoin |
Frequently asked questions
Has OpenAI closed the round?
No. CNBC says it is still under way and the figures may change. The first close is reported to bring in under $20 billion.
How much is OpenAI aiming for now?
Up to about $20 billion, at a $1.25 trillion valuation reported by the FT. Whether that is pre- or post-money is unclear.
Has OpenAI commented?
We found no comment. CNBC says OpenAI did not respond to its request.
Method and limits
We read five sources on November 2, 2026: CNBC, Investing.com (Reuters relaying the FT), Yahoo Finance (Stocktwits relaying the FT), Tech Funding News and KuCoin News. The last two are secondary and of uneven quality. We did not read the paywalled FT article; Reuters, Bloomberg and the WSJ were seen only through relays. We ran no tests and give no market data. Not buying or investment advice.
Sources
- CNBC: OpenAI fundraising, up to $20 billion (verified 2026-11-02)
- Investing.com: OpenAI slashes funding target by $10 billion, FT reports (Reuters) (verified 2026-11-02)
- Yahoo Finance: OpenAI valuation target reportedly cut (Stocktwits relaying the FT) (verified 2026-11-02)
- Tech Funding News, secondary source (verified 2026-11-02)
- KuCoin News, secondary source relaying FT, Reuters and BeInCrypto (verified 2026-11-02)
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