OpenAI trims valuation to $1.25T ahead of $30B raise

OpenAI has lowered its target valuation to $1.25 trillion from $1.4 trillion as it nears a deal to raise up to $30 billion. Coatue and UAE sovereign funds including MGX are negotiating to anchor the round, with signatures sought before the end of next week. The financing pairs equity with commitments for regional compute capacity and power access.

• Valuation cut from $1.4T to $1.25T, a $150B discount
• Round of up to $30B anchored by Coatue and UAE funds including MGX
• OpenAI's compute spending is projected at ~$600B by 2030
• Anthropic's IPO at $1.5–2T sets a market reference point