OpenAI raises $11 billion in first close at $1.25 trillion valuation, reports say

OpenAI has raised $11 billion at a $1.25 trillion valuation in the first part of a larger funding round, according to Bloomberg coverage cited by The Daily Star and other outlets. Reuters, in a report cited by PYMNTS, also said the company had secured $11 billion. The money was wired on Friday, Nov. 6, according to reports by Martincid and Billionaires Africa.

The funding round has not yet closed, Martincid reported, and additional investment could bring the total to about $20 billion in the coming weeks. Bloomberg reporting cited by The Daily Star likewise said OpenAI is pursuing further investment, with the round potentially reaching $20 billion. The $11 billion is therefore an initial portion, rather than the final amount raised in the round, according to those accounts.

Reports agree that OpenAI had initially sought to raise $30 billion. They differ, however, on the valuation sought: Bloomberg coverage cited by Billionaires Africa put the target at about $1.4 trillion, while PYMNTS cited two investors who said the company had been seeking $1.5 trillion. The Daily Star also reported that two investors put the earlier valuation target at about $1.5 trillion. The current reported valuation is below both figures.

The new valuation is higher than OpenAI’s prior reported valuation. Billionaires Africa said the company raised $122 billion in March at an $852 billion valuation. The Daily Star also reported those March figures.

Reports also named investors involved in the funding. The Daily Star said SoftBank and MGX participated, while Billionaires Africa reported that Coatue Management and T. Rowe Price led the first close. OpenAI declined to comment on the funding, according to 247 Wall St. That outlet also reported that Chief Financial Officer Sarah Friar confirmed the $1.25 trillion pre-money valuation in a television interview, while disputing that the company itself had set a $1.5 trillion target.