OpenAI lowers fundraising target by $10 billion amid AI market sell-off

According to a Financial Times report, amid an AI stock sell-off and competition from Anthropic's upcoming listing, OpenAI has lowered its fundraising target for this round by $10 billion and is now seeking to raise about $20 billion at a $1.25 trillion valuation, down from last month's $30 billion target and $1.4 trillion valuation, with some investors having reduced their committed amounts. The Nasdaq 100 index fell 3.5% on Friday. The report says an investor group including UAE state-backed MGX is expected to be the largest participant in the round, with SoftBank, Sequoia Capital, Coatue Management, Founders Fund and Andreessen Horowitz also planning to participate. Anthropic is preparing to list next month at a valuation of at least $1.5 trillion; OpenAI raised $122 billion in March, and this fundraising is to support its large-scale compute plans and a possible IPO next year.