OpenAI trims valuation target to $1.25T as investors wait for Anthropic’s IPO

OpenAI is asking investors to pay less than it first suggested. The ChatGPT maker is nearing a round of up to $30 billion at a $1.25 trillion pre-money valuation, down from the $1.4 trillion presented to investors earlier this month, the Financial Times reported. If the full $30 billion comes in, the post-money valuation would be about $1.28 trillion. Morgan Stanley and Dragoneer had shown the higher figure to private wealth clients, according to documents the FT saw. Coatue and funds from the United Arab Emirates are reportedly discussing leading the round, which could close below $30 billion if demand falls short. OpenAI declined to comment.