OpenAI raises $11 billion at a $1.25 trillion value, 11% below the $1.4 trillion it first sought

OpenAI has raised $11 billion so far in a new funding round that values the company at $1.25 trillion, TechCrunch reported Friday, citing Bloomberg. Reuters and Bloomberg both carried headlines on the same figures. OpenAI had not commented when TechCrunch published, and we could not find a statement from the company.

What was reported

According to the Bloomberg report as relayed by TechCrunch, the $11 billion is part of a larger round that has not closed. A source told Bloomberg the round is expected to close in the coming weeks and could total about $20 billion.

That is well short of the target. When talks surfaced on Sept. 29, Bloomberg put the goal at about $30 billion at a $1.4 trillion valuation.

The numbers side by side

The percentages are our arithmetic from the reported figures. The March valuation is from our earlier report.

The number behind the number

Read the headline two ways. OpenAI is still being valued far above where it stood in March, so this is not a down round. But it is a lower price on less money than first floated. At $1.25 trillion, $11 billion buys investors about 0.9% of the company, and a full $20 billion would be about 1.6%, if the valuation is a post-money figure. The reports we read do not say whether it is pre- or post-money, so treat those shares as approximate.

The timing matters. TechCrunch noted that the news came hours after Bloomberg reported that prospective buyers of Anthropic's planned IPO were eyeing a valuation as low as $1.1 trillion, against the $2 trillion investors expected about a month ago. We covered that in our Anthropic IPO report. Two of the biggest private AI valuations are now being marked down from their highs in the same week.

Who it touches

• Public AI suppliers. OpenAI's raise funds the data-center and chip commitments that flow to its suppliers. A smaller round raises the question of how fast that spending can grow. Our Nov. 6 report on OpenAI's CFO covers the compute commitments.
• IPO watchers. TechCrunch reports OpenAI delayed its earlier hint of a 2026 listing, with an IPO now expected next year at some point. The round price becomes the reference point for that offering.

The backdrop

TechCrunch described the AI market as precarious after the U.S. midterms, with negative voter sentiment about data centers and expected regulatory challenges. Our own chart shows the Nasdaq 100 closed Nov. 6 about 13.6% below its Oct. 6 peak.

What to watch

Three things would settle this: a formal announcement or SEC filing from OpenAI confirming terms, the final size of the round when it closes, and whether the investor list and the valuation basis are disclosed. Until then the $11 billion and the $1.25 trillion rest on Bloomberg's sources.

Sources: TechCrunch, citing Bloomberg; Bloomberg and Reuters headlines of Nov. 6, 2026; Chronicle reporting of Sept. 29 and Nov. 6, 2026; Nasdaq 100 data via Yahoo Finance. This is market information, not investment advice.