Sources: OpenAI has secured ~$11B in commitments for its latest funding round, less than half its initial $30B target, and expects to raise more in coming weeks (Berber Jin/Wall Street Journal)

OpenAI has secured approximately $11 billion in commitments for its latest funding round, which is less than half of its initial $30 billion target, according to the Wall Street Journal. The company expects to raise more funds in the coming weeks. This latest round values the ChatGPT developer at $1.25 trillion, a figure below its original $1.4 trillion target.

Investing.com reports that OpenAI reduced its fundraising target by $10 billion to a revised goal of $20 billion, a move the outlet attributes to investor concerns regarding artificial intelligence spending. The $1.25 trillion valuation represents a $150 billion reduction from the company's previous target. Some investors have reportedly reduced their planned allocations during the process.

The fundraising effort follows a period of competition for capital from overlapping institutional investors as OpenAI seeks to complete its financing ahead of an anticipated mid-November public market debut by rival Anthropic.

Brief written by urgent.news from Techmeme, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.