A smaller round, in two cuts
The funding target changed before the first close. Bloomberg reported in late September that OpenAI was seeking up to $30 billion at a valuation of about $1.4 trillion. On October 22, Bloomberg reported that the company was still seeking around $30 billion but had shifted the valuation under discussion to $1.25 trillion. On October 30, the Financial Times reported that the funding target had been reduced to $20 billion, with some investors cutting their planned allocations.
Friday's $11 billion is the first close under that revised plan, according to Reuters. The starting valuation is less consistent across the reporting: Reuters' two investors described an initial $1.5 trillion target, while Bloomberg's earlier reporting put it at $1.4 trillion. Those are reported negotiating figures, not published transaction terms.
The difference between the original and revised funding targets is material. The company has closed $11 billion against a revised $20 billion goal, leaving approximately $9 billion to reach that figure. That is a substantial first close, but it is not the $30 billion financing originally pursued.
The valuation went down and up at the same time
Against the prices OpenAI first sought, $1.25 trillion is a step down: below the $1.5 trillion Reuters' two investors described, and below the $1.4 trillion Bloomberg reported in September. Against the last completed round, the same figure is a step up. Both comparisons need the March terms attached before either means much.
The last completed round provides context, but not a clean apples-to-apples comparison. OpenAI announced on March 31 that it had closed a round with $122 billion in committed capital at an $852 billion post-money valuation. The November figure is reported at $1.25 trillion, but Reuters does not specify its pre-money or post-money basis. The difference is substantial, although the two figures should not be treated as directly comparable transaction valuations.
One gap in the reporting is worth naming. Reuters does not say whether the $1.25 trillion is pre-money or post-money. The difference is roughly the size of the round itself, and it decides what percentage of the company the new money actually bought. Until OpenAI or a filing states the basis, the $1.25 trillion and March's $852 billion post-money figure are not directly comparable.
What to watch next
Three facts will settle what Friday meant. The first is the final size of the round: about $9 billion more would be needed to reach the revised $20 billion target. The second is a statement of terms. OpenAI has not published a written announcement of the November close; its CFO has confirmed publicly, on CNBC, that the round is ongoing. The third is Anthropic's IPO.
Reuters separately reported that some investors now put Anthropic's planned IPO valuation at about $1.5 trillion, below earlier expectations of roughly $2 trillion. This is another reported investor estimate, not an announced IPO valuation. It also should not be treated as independent confirmation of the investor discussions covered in ALFW's separate report on Anthropic's IPO.
The two companies are drawing on much the same pool of capital in the same month. Anthropic's priced deal, unlike OpenAI's reported one, will be a public number with a prospectus behind it, and it will become the comparison every private valuation in the sector is measured against, including this one.
Sources
- [1] Reuters, "OpenAI gets $11 billion funding at $1.25 trillion valuation, source says", by Krystal Hu, 6 November 2026, published 21:18 UTC (read in full first-hand via Duke FM syndication; $11 billion closed as the initial part of a round at a $1.25 trillion valuation, per a source familiar with the matter; original target up to $30 billion and an initially sought $1.5 trillion valuation, per two investors; SoftBank and MGX participated, per the investors; Bloomberg News reported the funding earlier on Friday; sentiment toward AI companies has cooled in the last month; some investors put Anthropic's planned IPO at about $1.5 trillion, below earlier expectations of roughly $2 trillion)Read source
- [2] Reuters, "OpenAI slashes funding target by $10 billion amid tech rout, FT reports", 30 October 2026 (read in full first-hand via syndication; the Financial Times reported the target cut to about $20 billion at a $1.25 trillion valuation, a Friday commitment deadline, and a first close expected below $20 billion after some investors reduced their allocations)Read source
- [3] Reporting timeline of the round, September to November 2026 (read first-hand; Bloomberg reported in late September that OpenAI was seeking up to $30 billion at a valuation of about $1.4 trillion, and on 22 October that the company was still seeking around $30 billion with the valuation under discussion shifted to $1.25 trillion; Bloomberg's own pages were not read directly by this desk)Read source
- [4] OpenAI, "OpenAI raises $122 billion to accelerate the next phase of AI", 31 March 2026 (read in full first-hand; "we closed our latest funding round with $122 billion in committed capital at a post money valuation of $852 billion")Read source
- [5] CNBC, Squawk on the Street interview with OpenAI CFO Sarah Friar, 6 November 2026, at the Citi TMT Leadership Summit (Friar confirmed the company was in a current funding round, that it remained ongoing and that OpenAI felt confident about it; cnbc.com is not readable by this desk's fetcher, and her wording was verified against the published transcript as quoted by multiple outlets)Read source
- [6] ALFW, "Some Anthropic IPO Investors Push Back on $1.5 Trillion Valuation", 6 November 2026 (our own report on the investor discussions around Anthropic's planned IPO, cross-referenced in the final section)Read source