OpenAI has lowered both its funding target and its valuation as technology stocks sell off. The company now seeks to raise $20 billion at a $1.25 trillion valuation, and some investors have trimmed their allocations.
OpenAI cut its funding target by $10 billion and its valuation by $150 billion amid this week's technology stock selloff, according to the Financial Times.
The company is now seeking $20 billion at a $1.25 trillion valuation. Its earlier target was $30 billion at a $1.4 trillion valuation.
OpenAI had set an October 31 deadline for investors to commit to the round. However, the first close is now expected to bring in less than $20 billion after some investors reduced their allocations.
The revised round arrives weeks before the expected Anthropic IPO.
Source: Coinpedia Fintech News
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