As anxiety in the tech market intensifies, OpenAI lowers its fundraising target by 10 billion US dollars

OpenAI has lowered the target for its latest funding round from 30 billion US dollars to about 20 billion US dollars, and its valuation target from 1.4 trillion US dollars to 1.25 trillion US dollars. According to people familiar with the matter, the company has set Friday as the deadline for investors' committed contributions; because some investors reduced their allocation amounts, this "first close" is expected to raise less than 20 billion US dollars. A consortium of UAE investment groups (including the state-backed technology fund MGX) is expected to be the largest participant; as part of the deal, OpenAI will have the option to rent newly built computing capacity in the region. Founders Fund, Coatue, Sequoia Capital, Andreessen Horowitz and SoftBank also plan to participate. A retail offering will follow, allowing wealthy individuals to buy in at a 1.25 trillion US dollar valuation, potentially expanding the round to around 20 billion US dollars. OpenAI raised 122 billion US dollars in March this year and plans to spend several times that amount on computing capacity.