The round, led by Coatue and investors from the United Arab Emirates, would still value the company about 47% above its March round. In this round, the price under discussion has moved lower before the deal closed.
OpenAI is in the final stages of raising as much as $30 billion at a valuation of $1.25 trillion before the new money, CNBC reported, citing people familiar with the matter. The value under discussion had been $1.4 trillion, Bloomberg News reported.
Coatue and investors from the United Arab Emirates are leading the round, according to CNBC; Bloomberg said Coatue is in talks to co-lead. Commitments are expected by the end of next week, one person said. OpenAI declined to comment.
The arithmetic
Before the new money, the $1.25 trillion figure is about 47% above March. If the full $30 billion is raised, the valuation after the investment would be about $1.28 trillion. That is about 50% above the $852 billion valuation, including the new money, at which OpenAI raised $122 billion in March. The step down from $1.4 trillion to $1.25 trillion is about 11%, or $150 billion.
This is still an up-round, and a large one. The company is raising at a higher price than seven months ago. What has changed is the direction of the negotiation: the figure that investors and the company were discussing has moved lower before the deal closed.
Why the price moved
The timing offers context. The talks are finishing during a sharp selloff in AI-related public stocks, as investors question how much the largest technology companies can keep spending on AI infrastructure and how that spending will be financed. On Thursday alone, the Nasdaq Composite fell 2.6% and Meta Platforms dropped 7% after raising its spending forecast.
Private valuations usually lag public markets. A lower number in late-stage talks for the most valuable private company may be a sign that the public-market repricing is reaching private AI marks. That reading is an inference; neither OpenAI nor its investors have explained the change.
Gulf capital at the front
The investor mix also stands out. Capital from Gulf states is leading the round at the top of the AI market. That makes sovereign and quasi-sovereign money from the region a price-setter for the world's largest private technology company, not just a participant.
The raise is private, even though OpenAI confidentially submitted a draft registration statement for an initial public offering in June. Raising this much privately gives it capital without the disclosure and market timing of a listing.
Deep demand or a turning point
The constructive view is that a 47% step-up in seven months, with tens of billions of dollars committed, shows that demand for OpenAI's equity remains deep even in a weak tape.
The cautious view is that a $150 billion reduction in the price under discussion, during a public-market selloff, marks the point where AI valuations stopped moving only one way.
What to watch
Final commitments by the end of next week, the closing valuation, and any change in the investor lineup. Marks on OpenAI stakes held by venture and crossover funds will follow the final price.