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OpenAI lowers the valuation of its pre-IPO funding round to $1.25 trillion, according to the Financial Times
IA en un minuto newsroom · Editor: Jon Elgezabal
In 30 seconds
The Financial Times reports that OpenAI now seeks a $1.25 trillion valuation in the round that prepares its stock market debut, below the $1.4 trillion floated a few weeks ago. Some investors have shown less appetite than before and others want to see how Anthropic's debut goes first. The round would reach $30 billion and the window to join closes on October 30.
OpenAI has lowered the valuation at which it wants to close its next funding round before going public: $1.25 trillion, whereas in early October it had put $1.4 trillion in front of investors, roughly $150 billion less. The Financial Times reported it, relying on documents and on sources close to the deal, and the story has been picked up by Expansión and Business Insider España. OpenAI has made no public announcement about the round.
Per the British newspaper, Morgan Stanley and the fund Dragoneer pitched the deal to their private banking clients at a valuation of $1.4 trillion before the new money comes in. Several people familiar with the process say interest was weaker this time than in the company's earlier rounds.
The paper points to two further reasons. Some investors are tired after putting a lot of money into previous rounds: OpenAI raised $40 billion in March 2025 and a record $122 billion in March this year. Others would rather wait for Anthropic's stock market debut, planned for the end of the year and possibly November, to see what price it gets. Anthropic has raised close to $100 billion so far this year and is aiming for a valuation of $2 trillion. The cut also comes amid a sharp correction in US tech stocks, driven by doubts over whether the debt-funded boom in AI infrastructure can last.
The money from this round, up to $30 billion, would serve as bridge financing until the IPO, which analysts place in the first half of 2027, although no date has been set. OpenAI filed its prospectus confidentially with the SEC, the US securities regulator, in June, and in September its CEO, Sam Altman, said it was not a good time to take that step. Coatue and funds from the United Arab Emirates are negotiating to lead the round, and the deal would give OpenAI a preferential right over the new computing capacity its Emirati partners build. Investors have until October 30 to commit, and the final amount could fall short of $30 billion if demand is not there.
Even after the cut, the valuation is almost 50% higher than the $852 billion of March, although it falls short of what OpenAI was after and of what Anthropic is aiming for.
Why it matters · analysis and opinion
Until now, every OpenAI round set off a frenzy among investors. This time the company has had to adjust the price to close it, and that says more about the moment than the figure itself: money keeps flowing into AI, but it now compares and knows how to wait. The immediate benchmark will be Anthropic, which will go public first and set how much the market is willing to pay for a major AI lab. It remains to be seen whether the cut is enough to complete the round or whether OpenAI will have to settle for less money than it wanted. For those who use its models at work, nothing changes in the short term; for those who invest in or follow the sector, the end of the window at the close of the month will give the first clue.
Source: Expansión · Written with the help of AI: how we make the news
