OpenAI is seeking to raise up to $20 billion in a new funding round, CNBC confirmed on Saturday, paring back its earlier target of up to $30 billion.
The funding round is still in progress and has not closed, so the figures are subject to change, a person directly familiar with the deal told CNBC, asking to remain unnamed as they were not authorized to discuss the details publicly.
OpenAI did not immediately respond to a request for comment.
The Financial Times first reported that OpenAI had reduced its target for the round by $10 billion, and said the company would seek a post-money valuation of $1.25 trillion. According to FT, the ChatGPT developer set a Friday deadline for investors to commit to the newest round, with some investors opting to reduce their allocations.
Investors from the United Arab Emirates are leading the round alongside Coatue, as CNBC previously reported.