OpenAI reportedly raises $11 billion in round valuing it at $1.25 trillion

OpenAI has reportedly raised $11 billion so far in a new funding round valuing the company at $1.25 trillion, according to Bloomberg, as reported by TechCrunch and The Verge. The round has not closed and could reach about $20 billion in the coming weeks. The company had reportedly initially sought as much as $30 billion at a $1.4 trillion valuation, The Verge says, but that target was lowered after tech stocks fell and midterm election results reflected negative public sentiment toward AI companies and data center projects.

The Verge also reports that rival Anthropic filed its S-1 to go public the previous week. OpenAI had indicated plans for an initial public offering, but CEO Sam Altman said the company would wait until it could make more confident claims about the safety of its models.