OpenAI reportedly raises $11 billion at $1.25 trillion valuation, below target

For the leveraged-finance head at a US bank

OpenAI raised $11 billion in a new funding round at a $1.25 trillion valuation, Reuters and Bloomberg reported on Nov. 6, and OpenAI has not confirmed the figures in the sources reviewed.1 2

The round came in below OpenAI's goal after tech stocks fell and the midterm results showed public opinion turning against AI companies and data center projects, according to Bloomberg as relayed by The Verge.3 Reuters attributed the Nov. 5 market selloff to investor worries that Democratic midterm wins could bring more scrutiny of AI issues such as data center construction.1

Reuters, citing two investors, said OpenAI had sought $30 billion at a $1.5 trillion valuation; Bloomberg, as relayed by The Verge, put the earlier valuation target at $1.4 trillion.1 3

The reports differ on status: a source told Reuters the $11 billion had closed, while Bloomberg said it is part of a larger round that has not closed and could total about $20 billion.1 2

Reuters reported that the Nov. 5 selloff wiped out $2.5 trillion in Nasdaq market value, the largest one-day drop since April 2025.1

On Anthropic's planned IPO, Reuters said some investors value it at about $1.5 trillion versus roughly $2 trillion expected earlier, while Bloomberg said some buyers see it as low as $1.1 trillion; Reuters sources said Anthropic could postpone the IPO.1 2

Why it matters

Lower valuations and a smaller first close suggest AI labs may find new capital harder to raise. Banks and fintechs that depend on these vendors, or that finance data centers, should check counterparty and concentration exposure.

What’s next

A source told Bloomberg the rest of OpenAI's round is expected to wrap up in the coming weeks, and Reuters sources doubted Anthropic can hold its planned roadshow this week and a November listing.1 2

From the brief

Our take. OpenAI asked for $30 billion at $1.5 trillion and closed $11 billion at $1.25 trillion. Before lending to a lab, or to a data-center builder counting on lab contracts, assume the next raise also comes up short.

Action. Credit risk: Re-underwrite exposures to AI labs and data-center builders assuming future equity raises close below target size and valuation.

What our records say

OpenAI sells ChatGPT Enterprise seats and API access to banks and in 2026 added on-site engineering deals, a financial-services edition and a separately funded deployment company.1 BNY, BBVA and Customers Bank are among the banks building on it.1 2 OpenAI stood up a dedicated enterprise deployment organization, the "OpenAI Deployment Company", aimed at implementing AI in critical workflows, with reports of more than $4B committed (cxtoday.com, May 16, 2026).3

From our records

ChatGPT Enterprise (OpenAI)vendor · banks using it (17) Morgan Stanley, BNY, Customers Bank · alternatives Microsoft Copilot, Claude, Gemini Enterprise
Claude (Anthropic)vendor · banks using it (24) Goldman, JPMorgan, BankUnited · alternatives Microsoft Copilot, ChatGPT Enterprise, Gemini Enterprise

Sources

ReportPYMNTS | OpenAI Valuation Hits $1.25 Trillion in New Funding Round PYMNTS
Also reported byOpenAI reportedly raises an additional $11 billion at a $1.25 trillion valuation TechCrunch
Also reported byOpenAI valued at $1.25 trillion, as rival Anthropic nears its IPO The Verge