OpenAI lowers valuation target, raises up to $30 billion

OpenAI is closing in on a funding round of up to $30 billion, but has lowered its valuation target from $1.4 trillion to $1.25 trillion, according to the Financial Times and CNBC. UAE investors and Coatue are leading the round, which is positioned as a bridge ahead of a potential IPO. OpenAI confidentially filed an IPO prospectus with the SEC in June, and CFO Sarah Friar told employees in August that the company would be publicly traded by 2027.