Reported 6 Nov 2026 · Capital A one-minute read

OpenAI received $11 billion on Friday, the first close of a round it had cut twice.

Bloomberg and Reuters report the money arrived at a $1.25 trillion valuation, with SoftBank and MGX anchoring. Caveat: OpenAI has said nothing, and the outlets disagree on the original asking price.

Until now

The round was a reported plan, repriced twice and not yet funded.

Now

Cash has moved, at about a third of the size first sought.

Why it matters

A wire is harder evidence than a term sheet. The size tells the story: $11 billion in, about $20 billion now the goal, against $30 billion pitched in October. The agreed price held at $1.25 trillion while the public AI complex fell all week. Price held. Quantity did not.

Established

Bloomberg and Reuters both report $11 billion received at a $1.25 trillion valuation.
Two outlets name SoftBank and MGX as anchor investors in the first close.
The round was reported at $30 billion in October, then cut to $20 billion.

Not established

That OpenAI confirms any of it. The company has published nothing.
The original asking valuation. Outlets give $1.4 trillion and $1.5 trillion.
That the rest arrives. The balance is expected, not received.

The five-minute readThe record, the timeline, the weight and 5 sources

The record

Reported, not verified. OpenAI has published nothing, no Form D for this round appears on EDGAR, and Bloomberg and Reuters both rest on unnamed sources. We searched openai.com and EDGAR full-text for November 6 and 7 and found neither a statement nor a filing. Verification event: an OpenAI post, a Form D on EDGAR, or a named investor confirming a subscription, by December 7, 2026.

Bloomberg reported on Friday November 6, 2026 that OpenAI had received approximately $11 billion, the first close of a round valuing the company at $1.25 trillion. Reuters carried the same figures the same day, citing a source familiar with the matter and two investors. Publication times: Investing.com 4:07 PM Eastern on November 6, Unite.ai 7:08 PM Eastern, The Star 11:52 PM Universal Time, AI Weekly 3:30 AM Universal Time on November 7. On the amount and the price the reports agree: $11 billion in, $1.25 trillion post-money, the funds transferred on Friday. On the investors, Reuters names SoftBank and MGX, attributed to two investors. AI Weekly adds Coatue Management and a syndicate of backers based in the United Arab Emirates, and says about $9 billion more is expected in the coming weeks, which would bring the round to roughly $20 billion. On the original ask the reports do not agree. Bloomberg, as relayed, says the round was pitched at $30 billion or more at a $1.4 trillion valuation. Reuters says OpenAI sought up to $30 billion and that the valuation came down from $1.5 trillion. Our own ledger records the round at $30 billion and $1.25 trillion on October 22, and at $20 billion and $1.25 trillion on October 30, so the $1.25 trillion price is not new and neither $1.4 trillion nor $1.5 trillion matches what was reported to us in October. The reports place the close against a week in which AI equities fell hard after the midterm elections, and say some investors trimmed commitments. OpenAI's previous round, on March 31, 2026, raised $122 billion of committed capital at an $852 billion post-money valuation, anchored by Amazon, Nvidia and SoftBank. Not established: whether OpenAI agrees with any of these figures, every investor in the first close, the terms attached, and whether the balance closes at all.

How it got here

Mar 31
OpenAI closes $122 billion of committed capital at an $852 billion post-money valuation, anchored by Amazon, Nvidia and SoftBank, with a revolving credit line of about $4.7 billion left undrawn.
Oct 22
OpenAI is reported to be closing up to $30 billion at a $1.25 trillion valuation. Edition 059's capital card, filed Reported.
Oct 30
The round is reported cut to $20 billion at the same $1.25 trillion valuation. Edition 067's card, also Reported, with the fall in AI equities given as the reason.
Nov 5
The Nasdaq 100 falls 6.4% and the Philadelphia semiconductor index 12% after the midterm sweep, on a reading that AI rules will tighten. OpenAI pledges to pay every dollar of power and grid cost at campuses it owns. Edition 075.
Nov 6
Bloomberg reports $11 billion received at $1.25 trillion, the first close. Reuters matches it with its own sources. Neither OpenAI nor any public filing says so.

Who has to react

SoftBank and MGX, whose money is now in; Coatue and the United Arab Emirates backers named by one outlet; the investors reported to have trimmed; Anthropic, reportedly listing next month at a price its own prospective buyers are marking down; Microsoft, which booked $10.0 billion of OpenAI revenue in one quarter; and the compute suppliers OpenAI owes.

What to watch

Would strengthen itOpenAI or a named investor confirms a total round of $20 billion or less, or a further AI company closes a round below its own announced target while holding its valuation, by March 31, 2027.
Would weaken itThe round closes at $30 billion or more, or at a valuation above $1.25 trillion, by June 30, 2027.
Would strengthen itA Form D on EDGAR, or an OpenAI statement, discloses the balance of the round received on the same terms by December 31, 2026.

Why it weighs this much

Signal strength

CostMedium

CommitmentHigh

ReversibilityLow

PersistenceYear

Cost is medium and belongs to the buyers rather than to OpenAI: $11 billion of other people's capital changed hands, on the reporting. Commitment is high, because money received is the one commitment that cannot be restated later. Reversibility is low for the same reason: a wire does not unwind. Persistence is a year rather than structural, because this funds a period of spending and the balance of the round is still a plan.

The words

First close: The first tranche of a funding round to actually receive money. Later tranches may follow on the same terms, or may never arrive.
Post-money valuation: What a company is worth counting the new money. It is a price agreed between buyer and seller, not a market price.
Form D: The short notice a company files with the Securities and Exchange Commission after selling unregistered shares. Its absence is why this card is Reported.
Anchor investor: The investor whose commitment lets a round be marketed to everyone else. Naming one is how a round looks full.

Sources

Your call

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