OpenAI reportedly lowers funding target for new round

OpenAI has reportedly lowered the target for its latest funding round from $30 billion to $20 billion, with an initial close expected to raise less than the revised target. The company had previously been reported to be seeking $30 billion at valuations of $1.4 trillion and later $1.25 trillion ahead of a planned initial public offering. The Financial Times reported that a group of investors from the United Arab Emirates will lead the round. A later retail offering aimed at wealthy individuals could raise the total to the $20 billion target. The Wall Street Journal reported that OpenAI has secured $11 billion so far and that some large investors had responded tepidly to the fundraising effort. Wall Street investors have become more wary of heavy spending on AI infrastructure, contributing to a major sell-off in technology stocks. OpenAI had not commented on the reported fundraising changes at the time of publication.