OpenAI has closed about $11 billion in new funding at a $1.25 trillion valuation, Bloomberg reported on Friday, in the first tranche of a fundraising round that could eventually reach about $20 billion. Investors wired the money to the ChatGPT maker on Friday 6 November, in a vote of confidence that came in the middle of a sharp sell-off in artificial-intelligence stocks.

Key Points

• OpenAI has closed about $11 billion in new funding at a $1.25 trillion valuation, Bloomberg reported on Friday 6 November, with investors wiring the money the same day.
• The $11 billion is only the first tranche of a larger round that could total about $20 billion, with up to about $9 billion more expected in the coming weeks.
• Reuters reported that SoftBank and MGX took part in the first close. OpenAI declined to comment on the fundraising.
• The round is far smaller than first planned: OpenAI sought $30 billion at up to a $1.4 trillion valuation in late September, before the target was cut to about $20 billion at $1.25 trillion.
• The $1.25 trillion valuation is about 47 per cent above the $852 billion post-money valuation of OpenAI's $122 billion round in March 2026.

What Happened

Bloomberg reported on Friday that OpenAI had closed about $11 billion in new funding, with sources saying investors wired the money to the company that day. The report did not name every participant, but Reuters reported the same day that SoftBank and MGX took part in the first close.

The structure of the round matters as much as its size. The $11 billion is the first portion of a fundraising that has not yet closed in full, and the remaining money — up to about $9 billion — is expected to arrive in the coming weeks. That leaves the total at about $20 billion if the rest completes as planned, a figure in place since the Financial Times reported on 30 October that the target had been cut from the original ambition.

Background: From a $30 Billion Ambition to a $20 Billion Round

The round that closed on Friday began far bigger. Bloomberg reported in late September that OpenAI was seeking $30 billion at a valuation of up to $1.4 trillion, with Reuters sources putting the early ambitions as high as $1.5 trillion. It would have been one of the largest private fundraising rounds in history.

Then the market turned. Technology shares slid through October on doubts about whether the flood of AI spending would generate returns quickly enough, and the Financial Times reported on 30 October that the target had been cut to about $20 billion at a $1.25 trillion valuation. Some investors cut their allocations, and the first close was expected to come in below $20 billion — which is what Friday's $11 billion figure confirms.

OpenAI's $11 Billion Funding Round: What the Money Buys

The money is earmarked, in effect, for concrete, chips and power. OpenAI's expansion is one of the largest infrastructure programmes in American corporate history, and its data-centre build-out has become a political issue as well as a business one. Communities near the giant facilities want a say in what gets built next door, and want power costs to fall on the companies, not residents.

Friar addressed that directly on CNBC on Friday. She said OpenAI would keep investing to meet surging customer demand and keep building ties with the communities hosting its facilities, and she rejected suggestions the company had scaled back its fundraising during the sell-off. Its business grew 70 per cent quarter over quarter in the third quarter, she said, with enterprise demand doubling — evidence, in her argument, that the spending is backed by real usage.

Reactions and Quotes

Friar's CNBC appearance on Friday was the company's most public statement of the day. "When I think about the midterms, I need to keep thinking about how do we keep investing to meet customer demand," she said. "We are going to keep building out those relationships with communities so we can get the compute we need." On fundraising, she was direct about what the demand means: "It is saying people are actually using AI and getting value from it."

OpenAI itself declined to comment on the fundraising, according to Reuters, and neither SoftBank nor MGX has commented publicly on the first close. The silence is standard for a round that has not fully closed: with up to $9 billion still to come, the company has every reason to keep the details private until the money is in.

Why It Matters

The $11 billion close matters because it tests the central question hanging over the AI boom: whether the money keeps flowing when share prices fall. For months, sceptics have warned that the AI trade is a bubble built on circular deals and unproven returns. A $1.25 trillion valuation agreed in the middle of a sell-off — with investors actually wiring the cash — is the strongest counter-evidence yet that the biggest backers still believe.

What Happens Next

Three things to watch in the coming weeks. First, whether the rest of the round closes — up to about $9 billion more — and whether the full roster of investors is disclosed. Second, whether rival Anthropic can start its widely awaited IPO roadshow and stay on track for a November listing at a valuation investors will accept. Third, how the new Democratic majorities in Congress turn campaign pledges about data-centre scrutiny into rules, and whether OpenAI's community compact is enough to keep its projects moving.

Longer term, the question is the 2027 IPO. Friar's comment that a listing is being evaluated puts a public debut firmly on the agenda, and a successful close at $1.25 trillion sets the floor for the price investors might expect. Read more: OpenAI funding cut: ChatGPT maker slashes $10 billion target as AI sell-off bites. See also OpenAI to press ahead with data centre expansion despite midterm sweep and OpenAI National Community Compact will pay full data centre power costs.

Frequently Asked Questions

How much money has OpenAI just raised?

OpenAI has closed about $11 billion in new funding at a $1.25 trillion valuation, Bloomberg reported on Friday 6 November, with investors wiring the money the same day.

Is the fundraising round finished?

No. The $11 billion is only the first tranche of a larger round that could total about $20 billion, with up to about $9 billion more expected in the coming weeks.

Who invested in the first close?

Reuters reported that SoftBank and MGX took part in the first close. MGX was expected to be the largest participant overall. OpenAI declined to comment.

Why was the round cut from $30 billion to $20 billion?

OpenAI sought $30 billion at up to a $1.4 trillion valuation in late September, but the Financial Times reported on 30 October that the target had been cut to about $20 billion at $1.25 trillion as technology shares fell and some investors cut allocations.

Is OpenAI planning an IPO?

CFO Sarah Friar told CNBC on Friday that an initial public offering is being evaluated for 2027, while the company keeps investing in AI infrastructure and raising capital.