OpenAI funding plans have reportedly been scaled back to about $20 billion at a $1.25 trillion valuation, down from a $30 billion target at a $1.4 trillion valuation in September 2026.

OpenAI funding and potential investors

The revised target was reported on October 31, 2026, citing people familiar with the matter. Some investors have reduced their commitments, and the fundraising effort comes amid an AI stock selloff. The Nasdaq 100 fell 3.5% on October 30.

A group of United Arab Emirates investors, including state-backed MGX, is expected to be the round’s largest participant. SoftBank and venture capital firms Sequoia Capital, Coatue Management, Founders Fund and Andreessen Horowitz also reportedly plan to participate. The financing has not been reported as completed.

Computing plans and IPO competition

OpenAI is seeking capital for its computing ambitions after raising $122 billion in March. Its planned PORTS-Pike data-center capacity in Ohio illustrates the scale of those ambitions: OpenAI said it had agreed to secure approximately 8 gigawatts of IT capacity and would fund lease commitments partly with capital raised from investors.

Rival Anthropic is reportedly preparing to go public in November at a valuation of at least $1.5 trillion. OpenAI is also preparing for a potential IPO in 2027, though that listing has not been confirmed.

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