OpenAI reportedly lowers its funding target to US$20 billion

OpenAI was previously reported to be raising US$30 billion ahead of a planned IPO. According to reports, the target is now US$20 billion, with a first close expected to be even lower.

Reportedly secured so far

11 US$ billion

OpenAI has secured US$11 billion so far, according to reports, which describe a "tepid" response from some large investors.

The round is to be led by a group of investors from the United Arab Emirates, reports say. A later retail offering for wealthy individuals could bring the total to the target.

The reported difficulties come as Wall Street investors have grown wary of heavy AI infrastructure spending, which has led to a major sell-off of tech stocks. OpenAI had not commented.