WORLDTECHOpenAI cuts its funding round to $20bn after raising $11bn, WSJ reports
What happened
Update, 31 October This story has been updated with The Wall Street Journal’s report that OpenAI has secured about $11bn so far, and with CNBC’s confirmation of the $20bn target. OpenAI is an artificial intelligence company based in San Francisco.
OpenAI has secured about $11bn for its latest funding round, less than half of the $30bn it first sought, people familiar with the matter told The Wall Street Journal’s Berber Jin . CNBC confirmed the new target for the OpenAI funding round on Saturday, citing a person directly familiar with the deal.
Some large investors showed “tepid” interest, The Wall Street Journal reports. OpenAI now plans to turn to family offices and wealthy individuals in the coming weeks to reach up to $20bn.
Interest from some large investors was “tepid”, the WSJ reported. The company now aims to raise up to $20bn.
The Financial Times first reported the $10bn cut on Friday. The round is still open, so the figures could change, that person said.
Family offices and wealthy individuals The round values OpenAI at $1.25tn after the new money, the FT reported. It said the first close will likely raise less than $20bn.