OpenAI Raises $11 Billion at $1.25 Trillion Valuation

OpenAI has raised $11 billion so far in a new funding round that values the AI lab at $1.25 trillion, Bloomberg reported on Friday, citing sources familiar with the matter. The round has not closed yet. It is expected to wrap up in the coming weeks and could total about $20 billion, a source told Bloomberg.

The figure matters because it falls short of OpenAI's own ambitions. In late September, Bloomberg reported that OpenAI was looking to raise $30 billion in the round. The current $11 billion — and even the projected $20 billion ceiling — sits well below that target.

TechCrunch has reached out to OpenAI for comment and will update this story if the company responds.

What does the valuation say about the AI market?

The OpenAI news landed only hours after another Bloomberg report on Anthropic, OpenAI's chief competitor. Potential buyers of shares in Anthropic's IPO are eyeing a substantially lower valuation than the company had targeted. Some buyers believe Anthropic's valuation could come in as low as $1.1 trillion, according to Bloomberg. That compares with the $2 trillion investors were said to be expecting roughly a month ago.

Two data points, one direction. The most valuable private AI companies are still raising or floating at trillion-dollar-plus marks, but the marks are shrinking from earlier expectations.

Why did OpenAI's IPO plans slip?

OpenAI previously indicated it would go public this year. The company subsequently delayed those plans. Current expectations place the IPO sometime next year, according to the source material.

A delayed listing plus a smaller-than-targeted private round signals that OpenAI is tapping private capital while the public-market window stays shut — or at least less attractive.

What is hanging over the market?

The AI market sits in a particularly precarious place right now. The Democratic landslide in the U.S. midterms has caused jitters throughout the sector, and voter sentiment around data centers is overwhelmingly negative. Many in the market anticipate regulatory challenges ahead, which could raise costs and slow expansion for companies building AI infrastructure.

The mechanism is straightforward. Data centers are the physical backbone of AI, and they need land, power and political goodwill. When voters turn against them, local approvals get harder and national regulation becomes more likely. Investors price that risk into valuations before it hits earnings.

What comes next?

Watch the close of the round. If the final tally lands near $20 billion, OpenAI will have secured the second-largest private cash injection in the sector's history — while still falling a third short of its September target. The Anthropic IPO, whenever it prices, will offer the next hard read on whether $1.1 trillion or $2 trillion is the market's real number for a frontier AI lab.