OpenAI is reported to have cut its round to $20 billion at $1.25 trillion.

Reported, not verified. OpenAI is private and files nothing. We searched EDGAR for any OpenAI filing on October 30 and 31, including a Form D, and found none, and no OpenAI post names the round. The figures come from the Financial Times, citing people with knowledge, and from Reuters carrying that report. Verification event: an OpenAI statement, a Form D, or a named investor confirming a subscription, by November 30.

The Financial Times reported on Friday October 30, 2026, citing people with knowledge of the matter, that OpenAI has cut the target for its current funding round by $10 billion, to about $20 billion, and the valuation it is seeking from $1.4 trillion to $1.25 trillion. Reuters carried the report the same day, filed from Bengaluru, and we read it in syndication. The reported details: investors had until Friday to commit; the first close is expected to raise less than $20 billion because some investors reduced their allocations; a consortium of United Arab Emirates investors including the state-backed MGX is expected to be the largest participant, and in return OpenAI would gain an option to lease newly developed computing capacity in the region; Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz are also expected to participate; and individuals could later invest through a retail offering at the $1.25 trillion valuation. Reuters reports that OpenAI, MGX, Coatue, Sequoia and Andreessen Horowitz did not immediately respond to requests for comment, and that Founders Fund could not be reached. Market data we took ourselves: the Nasdaq Composite closed on October 30 at 25,437.00, down 2.86% on the day, 7.84% below its October 6 record close of 27,599.79 and 5.30% below its September 30 close of 26,861.06. Reported context: OpenAI is pursuing a 2027 listing and wanted to close partly ahead of Anthropic's listing, since the 2 companies draw on a similar investor base. Lineage and a discrepancy we own: Edition 059 carded this round on October 22 at up to $30 billion and $1.25 trillion, taking the valuation from reports at the time. The Financial Times now gives $1.4 trillion as the figure before the cut and $1.25 trillion after it. We cannot reconcile the 2 from public sources and we are not assuming either is wrong.

1. Oct 6

   The Nasdaq Composite closes at 27,599.79, its record. Every market figure in this card is measured from there.

2. Oct 22

   OpenAI is reported to be closing up to $30 billion, with the valuation reported variously at $1.25 trillion and $1.4 trillion. Edition 059's capital card.

3. Oct 26

   Anthropic files publicly to list on Nasdaq under the ticker ANT, drawing on the same investor base. Edition 063's capital card.

4. Oct 29

   Alphabet's shares close down 12.6% and Amazon reports trailing free cash flow of negative $42,357 million. Editions 065 and 066.

5. Oct 30

   The Financial Times reports the target cut to about $20 billion at $1.25 trillion, on the day investors had to commit. The Nasdaq closes down 2.86%.