OpenAI wanted $30 billion. So far it has about $11 billion.

A month ago OpenAI was pitching investors on a round of at least $30 billion at a $1.4 trillion valuation. On Friday, October 30, the Wall Street Journal reported it has lined up about $11 billion in commitments so far, at a $1.25 trillion valuation.

The numbers. $11 billion is about 37% of the original $30 billion target. The Financial Times reported the same day that OpenAI has cut the goal by $10 billion, to about $20 billion, and that the "first close" is expected to come in below even that after some investors reduced their allocations. OpenAI had set Friday as the deadline for commitments, per the FT.

Who's still in. The FT says a group of UAE investors that includes the state-backed fund MGX is expected to be the largest participant, and that the deal would give OpenAI an option to lease new computing capacity in the region. Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz are also expected to take part.

What happens next. According to the WSJ, OpenAI plans to approach family offices and wealthy individuals in the coming weeks for more money. The FT says wealthy individuals will be offered a later retail offering at the same $1.25 trillion valuation.

Why investors cooled. Both papers point to the tech selloff that followed this week's results from Alphabet, Amazon and Intel, and to doubts about how much AI companies are spending on data centers. The FT also notes OpenAI is competing for the same investors as Anthropic, whose IPO is expected in mid-November.

For scale. We covered the $150 billion markdown on October 23, when reports said OpenAI was close to raising up to $30 billion at $1.25 trillion. OpenAI's March round valued it at $852 billion post-money, so even the lower price is well above where it was seven months ago.

The catch. These are reports based on people familiar with the deal. We did not find a public comment from OpenAI, and the final size of the round could still change as more commitments come in.

Our take

$11 billion is still a very large round, and $1.25 trillion is still the highest price ever put on a private company. But the gap between what OpenAI asked for and what big investors signed up for is the clearest sign yet that AI money has limits, even at the top. If you build on OpenAI's API, nothing changes today. If you are watching the AI trade, watch who fills the rest of the round and what Anthropic's IPO prices at.

This summary is based on reporting by the Wall Street Journal and the Financial Times (via Investing.com, Reuters and Bloomberg), read October 31, 2026. This is not investment advice.