OpenAI, which is seeking to raise around US$30 billion in a fresh funding round, is now targeting a valuation of US$1.25 trillion (S$1.6 trillion) during the final stages of negotiations, according to people familiar with the matter.
The ChatGPT maker shifted the value discussed in the talks by US$150 billion, from US$1.4 trillion, according to people involved with the talks who asked for anonymity while discussing private details.
The fundraising discussions are ongoing and details could change, said the sources.
OpenAI most recently raised a US$122 billion round in March at an US$852 billion valuation, including the money.
Coatue Management is in talks to co-lead in the round, according to the people. OpenAI has also been in talks with multiple investment funds from the United Arab Emirates, among other firms including BlackRock, Bloomberg previously reported.
OpenAI declined to comment. Coatue did not immediately respond to a request for comment.
The company expects to have commitments from investors finalised by the end of next week, one person said.
CNBC earlier reported the US$1.25 trillion valuation.
Technology stocks have fallen this week after mixed quarterly earnings results from companies including Meta Platforms and Tesla fuelled investor concerns that massive spending on artificial intelligence has gone too far.
Many investors are closely watching how OpenAI rival Anthropic PBC’s initial public offering, which is expected in November, will be received.
OpenAI has pushed back its plans for an initial public offering until 2027, citing its focus on AI safety efforts. BLOOMBERG
