OpenAI gets $11 billion funding at $1.25 trillion valuation: Report

OpenAI has closed on new funding of $11 billion, the initial part of a round that values the company at $1.25 trillion, Bloomberg News reported on Friday, citing people familiar with the matter. The funding was wired to the company on Friday, while the remainder of the round, which could total as much as $20 billion, is expected to close in the coming weeks, according to the report. OpenAI had initially sought to raise more than $30 billion at a valuation of about $1.4 trillion before scaling back its plans amid a broader selloff in AI-related stocks and investor concerns about spending on AI infrastructure, the report added.