OpenAI Closes $11 Billion at $1.25 Trillion Valuation

By Amara Osei

OpenAI closed an initial $11 billion in new funding at a $1.25 trillion valuation, Reuters reported on November 6, 2026, citing a source familiar with the matter. The $11 billion close supplies only part of a round originally targeted to raise as much as $30 billion, Reuters said.

Reuters, citing two investors, said the $1.25 trillion valuation came down from the $1.5 trillion level OpenAI initially sought. The two investors said SoftBank and MGX participated; both were already part of OpenAI's investor base.

Reuters described the financing as an initial close within a larger plan. OpenAI has not completed the original fundraising target.

How much of the round has closed?

Some investors valued Anthropic's planned initial public offering at about $1.5 trillion, below earlier expectations of roughly $2 trillion, Reuters said. Reuters said the reset followed a month of cooling sentiment toward AI companies. Reuters framed Anthropic's reduced valuation expectations as the immediate market context for OpenAI's lower valuation ambition.

Anthropic's figure concerns a planned IPO, while OpenAI's applies to private funding. Reuters used the comparison to show how AI valuation expectations had reset after a month of cooling sentiment.

What did OpenAI close in March?

OpenAI disclosed on March 31, 2026 that it had closed a previous round with $122 billion in committed capital at an $852 billion post-money valuation. OpenAI identified Amazon, NVIDIA and SoftBank as anchors of that financing, while Microsoft continued its participation.

SoftBank co-led the round alongside a16z, D. E. Shaw Ventures, MGX and TPG. Accounts advised by T. Rowe Price Associates also participated.

OpenAI said the March round raised more than $3 billion from individual investors through bank channels. It called that the first time it had extended participation through that route. That route broadened the funding mix described in the announcement.

OpenAI also expanded its revolving credit facility to approximately $4.7 billion. The facility remained undrawn when the round closed.

What operating scale supports the financing?

OpenAI reported generating $2 billion in revenue per month at the time of its March announcement. OpenAI said enterprise customers accounted for more than 40% of revenue, and the company projected enterprise revenue would reach parity with consumer revenue by the end of 2026.

The company also reported more than 900 million weekly active ChatGPT users and over 50 million subscribers in March 2026. OpenAI described durable access to compute as a strategic advantage.

The company said that access advances research, improves products, expands access and structurally lowers delivery costs at scale. OpenAI's March disclosures place those claims behind a capital plan that relies on external funding and multiple infrastructure suppliers.

How does OpenAI source compute?

OpenAI listed three parts of its infrastructure network:

• Cloud: Microsoft, Oracle, AWS, CoreWeave and Google Cloud.
• Chips: NVIDIA, AMD, AWS Trainium, Cerebras and an OpenAI chip developed with Broadcom.
• Data centers: Oracle, SBE and SoftBank.

That supplier diversity gives OpenAI breadth across cloud, chip and data-center arrangements rather than reliance on one provider. OpenAI's stated rationale was that “no single architecture can efficiently meet the needs of the entire AI frontier.” The company said this breadth is central to its deployment strategy.

For the rest of the round, the Reuters report leaves one central test: whether investors will fund the balance at $1.25 trillion. OpenAI's operating scale supports the capital case, but its $250 billion valuation reduction shows that scale has not eliminated scrutiny. The next close will test whether the cooler AI market can absorb OpenAI's financing demands.