An AI company lowered its fundraising goal to $20 billion
OpenAI has cut its target for its latest funding round by $10 billion and is seeking to raise $20 billion at a $1.25 trillion valuation, the Financial Times reported Oct. 30, citing people with knowledge of the matter. Reuters had previously reported a $30 billion target at $1.4 trillion, amid a selloff in technology stocks driven by AI worries.
More context
A Financial Times report on Oct. 30, citing people familiar with the matter, said the AI company lowered its fundraising goal by $10 billion, to $20 billion, and is pursuing a $1.25 trillion valuation. The company had previously been aiming to raise $30 billion at a $1.4 trillion valuation, according to earlier Reuters reporting. Reuters said the reduction came amid a selloff in technology stocks driven by worries about AI.
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Reporting
- Reuters — OpenAI slashes funding target by $10 billion amid tech rout ...
- cellcog.ai — OpenAI Cuts Its Funding Target to $20 Billion | CellCog
- modbee.com (with Reuters) — OpenAI cuts funding target by $10 billion, FT reports | Modesto Bee
Verifier’s note
CellCog, Reuters, and the Modesto Bee all report that OpenAI cut its funding target to $20 billion while seeking a $1.25 trillion valuation, consistent with the proposed event. Reuters attributes the claim to the Financial Times, and the Modesto Bee republishes Reuters’ report.