OpenAI has reportedly closed an initial $11 billion in new financing at a $1.25 trillion valuation. Reuters reported the figures on November 6, citing Bloomberg, which attributed the information to people familiar with the matter.
The reported $11 billion is the initial portion of a funding round. It should therefore be read as an amount raised so far, rather than the final size of the entire transaction. The valuation describes the company’s reported pricing in that financing, rather than the cash it received.
In a CNBC interview the same day, Chief Financial Officer Sarah Friar described the fundraising round as ongoing. She also said OpenAI would continue looking at a potential public offering in 2027. Those comments describe an active private financing process and future listing considerations, rather than an announced IPO date.
A different measure from the earlier funding round
OpenAI’s own March 31 funding announcement provides a confirmed reference point: $122 billion in committed capital at an $852 billion post-money valuation. The company said that round was anchored by Amazon, NVIDIA and SoftBank, alongside additional institutional investors.
Friar discussed the current fundraising in pre-money terms during the CNBC interview. Pre-money valuation measures the company before the new investment; post-money valuation includes it. Comparing a new reported figure with March’s post-money number therefore requires care about the basis and final transaction terms.
In March, OpenAI identified sustained access to computing infrastructure as central to its research, products and deployment strategy. That explains why capital remains important to its expansion, but the earlier announcement does not establish how the newly reported financing will be allocated.
