OpenAI trims fundraising goal from $30B to $20B at a $1.25 trillion valuation

On Oct. 31, 2026, CNBC and the Financial Times reported that OpenAI is seeking up to $20 billion in a new round, down from an earlier target of about $30 billion. The FT said the round values the company at $1.25 trillion post-money. TechCrunch reported that the first close is expected to be even lower than $20 billion, and that the round had not closed at the time of reporting.

The reduced target comes as investors debate the scale of spending on AI infrastructure. TechCrunch described the round as one that "isn't quite living up to expectations." The signal matters because much of 2026's venture liquidity has been concentrated in very large AI deals.

When the world's largest round cuts its target by a third and splits its closes, late-stage capital in Southeast Asia is usually the first to tighten. Three concrete steps for Vietnamese angels and founders: (1) structure the round as a rolling close rather than waiting for one full close, so you do not depend on a single lead investor; (2) at seed, plan for 18–24 months of runway instead of 12, as the gap to a regional Series A is lengthening; (3) do not anchor valuation to US AI deal multiples — the market that produced those prices is repricing itself.