OpenAI Cuts Fundraising Goal to $20 Billion

OpenAI has lowered its fundraising target to $20 billion, down from an earlier goal of $30 billion. Its expected valuation has also fallen, from $1.4 trillion to $1.25 trillion, as the company seeks capital ahead of a planned public offering. The first close of the round is expected to be below the new target, while a later offering to wealthy individuals could help bring the total to $20 billion.

The company has secured $11 billion so far. Some large investors have responded cautiously, amid a steep selloff in technology stocks and growing concern about the cost of building AI infrastructure.

The fundraising comes as other major technology companies seek large sums and commit to substantial spending. During October, SpaceX said it completed $40 billion of borrowing, Meta unveiled a proposed $95 billion stock sale, and Microsoft sold $25 billion in bonds.

Investor attention has also turned to rival Anthropic, which is preparing for a public offering in December 2026. Its public documents indicated sharply increased revenue and positive cash flow from January through June 2026.

Separately, S&P Global shifted its assessment of Meta from stable to negative, while keeping its credit rating at AA-. The agency cited negative cash flow and uncertainty about spending plans. Meta disputed S&P’s view of its ability to make money from AI investments, saying AI was already improving engagement, recommendations and returns for businesses.