OpenAI has received about US$11 billion in the first close of a funding round valuing the company at US$1.25 trillion, according to people familiar with the matter.

The round could total US$20 billion and is expected to close in the coming weeks.

Investors in the first close include hedge fund Coatue Management and asset manager T. Rowe Price, the people said. Other backers include SoftBank Group Corp., Sequoia Capital, Founders Fund, and Andreessen Horowitz.

OpenAI had previously aimed to raise US$30 billion or more at a US$1.4 trillion valuation before scaling back its target following a public-market selloff in AI stocks.

The company was last valued at US$852 billion in a March funding round.

OpenAI declined to comment. SoftBank, Founders Fund, and T. Rowe Price also declined to comment. Coatue, Andreessen Horowitz, and Sequoia did not immediately respond to requests for comment.

🔗 Source: Bloomberg

Recent OpenAI developments