OpenAI: cuts its fundraising target by $10bn (FT)

(Il Sole 24 Ore Radiocor) - OpenAI has slashed the target for its latest fundraising round by $10 billion, in a bid to finalise a deal that has been overshadowed by the sell-off in AI-related shares on the stock markets and the imminent stock market listing of its main rival, Anthropic.

This is according to the Financial Times. Last month, the group behind ChatGPT was aiming to raise $30 billion, based on a valuation of 1,400 billion, presenting the deal as the last opportunity for investors to take a stake in the company before its IPO, scheduled for next year.

OpenAI had cited the rapid growth in revenue recorded since July as justification for a valuation almost double the previous figure of $852 billion. Since then, however, the company has scaled back its ambitions, following the sharp sell-off in tech shares and growing concerns about the pace and scale of investment in artificial intelligence.

The FT reports that, according to several people familiar with the matter, OpenAI is now aiming to raise around 20 billion dollars, based on a valuation of 1,250 billion. The company had set Friday as the deadline by which investors were to confirm their commitment to participate in the funding round. This first close is expected to bring in less than $20 billion for the group, after some investors reduced the amounts they intend to subscribe for, according to the same sources.

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