OpenAI is raising money again — but not as much as it wanted, and not at the price it wanted. The ChatGPT maker has raised $11 billion so far in a new funding round that values the company at $1.25 trillion, according to Bloomberg, as reported by TechCrunch on November 6, 2026. The round hasn't closed yet, and the numbers tell a story of cooling investor excitement.

Here's how the round shrank, and why it matters.

From $30 Billion to $20 Billion

Back in September, Bloomberg reported that OpenAI wanted to raise at least $30 billion at a valuation of about $1.4 trillion. By October 30, the Financial Times reported the target had been cut by $10 billion — down to about $20 billion — with the valuation dropping to $1.25 trillion. The Wall Street Journal then reported that OpenAI had secured only about $11 billion in commitments so far, after what it called a tepid response from some large investors.

Two investors told Reuters that SoftBank and MGX, the Abu Dhabi state-backed tech fund, took part in the $11 billion first close. The round is led by a group of investors from the United Arab Emirates, and it could still grow to roughly $20 billion in the coming weeks. But the gap between the original plan and the current reality is the real story.

Why Investors Pulled Back

A few things changed at once. Tech stocks sold off through the fall, and investors started asking harder questions about AI spending. Bloomberg reported that OpenAI expects $70 billion in annualized revenue by the end of 2026 — a huge number, but the company also burns through enormous sums on computing power. Our report on OpenAI's data centre costs shows just how expensive that compute has become.

The timing didn't help either. Anthropic, OpenAI's closest rival, is heading toward an IPO — and Bloomberg reported its expected valuation has slid from around $2 trillion in early October to somewhere between $1.2 trillion and $1.3 trillion now. When the whole sector cools at once, even the biggest name feels it.

What the Numbers Actually Mean

One thing worth knowing: the $1.25 trillion figure is a reported valuation, not a confirmed one. OpenAI hasn't confirmed these numbers publicly, and the round hasn't closed, so the figures can still change. The company's last closed valuation was $852 billion, set in March 2026 when it closed a $122 billion round. The $1.4 trillion and $1.25 trillion figures come from reporting by Bloomberg, the Financial Times, and the Wall Street Journal — not from OpenAI itself.

That said, the direction is clear across every report: a smaller round, a lower valuation, and slower commitments than OpenAI hoped for a few months ago.

Does This Change Anything for Users?

Not right away. OpenAI still has billions coming in, and ChatGPT, the API, and its new models keep shipping — this same week it launched GPT-6 Cyber, a security model that found 948 Linux flaws. But funding rounds set the tone for what a company can afford to build. A tighter round could mean slower data centre expansion, stricter cost control, or higher prices down the line. Apple already cut its own AI tool budgets this week, and the pattern across the industry is the same: the free-spending phase is ending.

The Bottom Line

OpenAI has $11 billion in the bank from its new round at a $1.25 trillion valuation — real money, but well below the $30 billion at $1.4 trillion it aimed for in September. The round is still open and could reach $20 billion, yet the message from investors is plain: AI's biggest company now has to prove the returns, not just the vision.

Sources: TechCrunch — OpenAI reportedly raises $11 billion at $1.25 trillion · The Brief — OpenAI's $11 billion round sits between two valuations

Want the full context on OpenAI's spending? Our OpenAI data centre report explains why compute costs are the company's biggest headache right now.

Originally published on Rohan Tech Official.