OpenAI raises $11 billion at $1.25 trillion valuation in first close

OpenAI has secured about $11 billion in fresh funding at a valuation of $1.25 trillion. The money is the first close of a larger round that could reach as much as $20 billion, with remaining commitments expected in coming weeks.

The funds were wired to the company as of Friday, November 6. The ChatGPT maker is expanding its artificial intelligence business. Coatue Management and T. Rowe Price joined the first close. The broader round includes SoftBank Group, Sequoia Capital, Founders Fund and Andreessen Horowitz. A group of investors from the United Arab Emirates also joined.

Retail access and scaled back target

OpenAI is working with investment banks to raise capital from high-net-worth individuals and retail investors. That move could widen access to the investment opportunity.

The company had initially targeted at least $30 billion at a valuation of about $1.4 trillion. It later cut the target to between $15 billion and $20 billion amid concerns about the sustainability of massive AI infrastructure spending.

The fundraising follows OpenAI’s decision to delay plans for an initial public offering. The delay gives it more time to secure private capital before entering public markets.

Valuation jump from March

OpenAI most recently raised $122 billion in a March 2026 round at a valuation of $852 billion. The latest $1.25 trillion valuation is an increase of about 46.7% from March. The premium shows investors are still paying up for leading AI companies despite worries about the cost of developing and operating advanced AI systems.

AI funding boom

In February 2026, OpenAI raised $110 billion at a pre-money valuation of $730 billion. Amazon, Nvidia and SoftBank invested. Amazon committed $50 billion, while Nvidia and SoftBank each committed $30 billion.

Other AI developers are also pulling in large sums. DeepSeek was nearing a $12 billion funding round in October. Elon Musk’s xAI secured $3 billion from Saudi Arabian AI company Humain in February as part of a broader $20 billion round. The investment made Humain a significant minority shareholder in xAI, with the investment expected to convert into equity in SpaceX after the merger between the two companies.