OpenAI lowers fundraising target amid AI selloff and IPO pressure

According to the Financial Times, citing people familiar with the matter, OpenAI has lowered its ongoing fundraising target by 10 billion US dollars, from 30 billion US dollars set last month to 20 billion US dollars, and adjusted its valuation target from about 1.4 trillion US dollars to about 1.25 trillion US dollars. The report said that concerns over excessive AI investment by large tech companies, sharp declines in related stocks, and the approaching IPO of competitor Anthropic have caused this funding round to encounter resistance. Participants in this round are expected to include UAE investment institution MGX, Sequoia Capital, Andreessen Horowitz (a16z), Founders Fund and Masayoshi Son-led SoftBank. Some people familiar with the matter said it is not ruled out that the total amount raised in the first round will be below target; OpenAI originally planned for investors to make first-round subscription commitments before that day, but some investors are reducing their commitment amounts. The report also mentioned that OpenAI completed 122 billion US dollars in financing in March this year, and its compute spending plans are several times that.