OpenAI reportedly lowers funding target for new round

OpenAI’s latest funding round isn’t quite living up to expectations, according to multiple news reports. OpenAI was previously reported to be raising $30 billion at a $1.4 trillion valuation, and then at a $1.25 trillion valuation, ahead of a planned IPO. But The Financial Times reported Friday that the company has subsequently lowered its funding target to $20 billion, with a first close that’s expected to be even lower than that. The round will be led by a group of investors from the United Arab Emirates, the FT said. A subsequent retail offering for wealthy individuals could bring the total funding amount to the $20 billion target.