OpenAI has cut the size of the private funding round it had been preparing, lowering the amount it seeks to raise to roughly $20 billion at a $1.25 trillion valuation, according to a Financial Times report published late Friday.

The revised terms represent a step down from the previously outlined plan of a $30 billion raise at a $1.4 trillion valuation — a reduction of about $10 billion in the targeted raise and $150 billion in the implied valuation.

The round remains a private raise, meaning the company would sell equity to investors outside the public markets. In private raises, valuations are negotiated directly with investors rather than set by public trading, and terms can be revised while a round is still being prepared. That detail matters for context because private companies are not subject to the disclosure requirements of public firms, so reported round terms are among the few externally visible data points on how much capital investors are being asked to commit to a company.

OpenAI, the San Francisco-based artificial intelligence company known for developing the ChatGPT chatbot, had been preparing the funding effort before the scaled-down terms emerged. The figures were reported by the Financial Times and carried by COINOTAG on October 31, 2026.

The report did not name participating investors or give a closing timeline for the round, so the next concrete markers for readers would be any confirmation of the final terms or further reporting on the round's progress.

This content was first published on COINOTAG: OpenAI Cuts Fundraising Target to $20 Billion at $1.25 Trillion Valuation