OpenAI lowers procurement target from $30 billion to $20 billion

OpenAI has cut its new fundraising target to a maximum of $20 billion, down $10 billion from the previously reported ceiling of $30 billion, CNBC reported on October 31, noting the round is still in progress and terms may change. The $20 billion figure is the upper bound of the amount under discussion, not the cash received or a finalized deal price. The earlier October 22 report had cited a target of up to $30 billion at a pre-money valuation of $1.25 trillion. The reduced target matters as a signal of how much capital the ChatGPT developer expects to secure at its current valuation amid an active raise. What to watch next is the final size, valuation and confirmed terms once the round closes.