OpenAI Wanted To Raise $30 Billion. Now It’s Asking Investors For a Third Less.

OpenAI is reportedly cutting its latest fundraising target by $10 billion, seeking up to $20 billion instead of the $30 billion it had initially hoped to raise as investors take a more cautious approach to the enormous sums being invested in artificial intelligence. The ChatGPT maker is now pursuing a post-money valuation of approximately $1.25 trillion, down from an earlier proposal of around $1.4 trillion, according to the Financial Times. Some investors have reduced their proposed commitments, complicating the company's efforts to secure fresh capital ahead of a potential stock market listing. OpenAI had set an Oct. 30 deadline for investors to commit, although the initial closing is expected to bring in less than the revised target, the newspaper reported.