OpenAI has secured approximately $11 billion in a new funding round that places the artificial intelligence company's valuation at $1.25 trillion, according to people familiar with the situation. The fundraise, which has not yet officially closed, is expected to wrap up within the coming weeks and may ultimately reach around $20 billion in total commitments.

The development was first reported Friday by Bloomberg, which cited sources close to the matter. The $11 billion figure represents what has been raised to date and is part of a broader capital effort still in progress.

The numbers, while significant, fall considerably short of earlier ambitions. Back in late September, reports indicated that OpenAI had been seeking as much as $30 billion in the same funding round. The current trajectory suggests the company will land well below that initial target, even if the round closes at its projected ceiling of $20 billion.

Anthropic Also Facing a Valuation Revision

The OpenAI funding news arrived alongside a separate report touching on the broader competitive landscape in AI. Bloomberg also reported Friday that prospective buyers of shares in a potential initial public offering from Anthropic, OpenAI's primary rival, are pricing the company at a significantly lower figure than Anthropic had hoped to achieve.

According to that report, some interested parties believe Anthropic's valuation could come in as low as $1.1 trillion. That represents a sharp markdown compared to the $2 trillion figure that investors had reportedly been working with just a month prior. The divergence between expected and offered valuations underscores a broader recalibration of how markets are pricing AI companies at the moment.

OpenAI's IPO Plans Remain Uncertain

OpenAI had previously signaled intentions to go public in 2025, though those plans have since been pushed back without a firm timeline. Market observers widely expect the company to pursue a public listing at some point next year, though no official announcement has been made regarding timing or structure.

The company has not publicly commented on the latest funding details, and specifics around the terms of the current round have not been officially disclosed.

Political Shifts Add Uncertainty to AI Sector

The fundraising activity is unfolding against a notably unsettled backdrop for the AI industry as a whole. Recent U.S. midterm election results, which delivered a decisive outcome for Democratic candidates, have introduced a new layer of uncertainty across the technology sector. Voter sentiment around data centers - a critical piece of infrastructure for large-scale AI development - has been broadly negative, raising concerns about the regulatory environment that AI companies could face going forward.

That combination of political outcomes and public sentiment has contributed to unease among investors and industry participants who are now weighing the possibility of tighter oversight and potential legislative action targeting AI infrastructure and operations in the near term.

Despite those headwinds, OpenAI's ability to attract billions in fresh capital at a $1.25 trillion valuation reflects continued investor confidence in the company's commercial prospects, even as the broader market for AI reassesses its expectations around growth and governance.