OpenAI has closed the first tranche of a new funding round, raising $11 billion at a $1.25 trillion valuation, according to a source familiar with the matter cited by PYMNTS.

The raise falls well short of the company's ambitions: PYMNTS reports the $11 billion represents only part of an initial $30 billion goal, and the $1.25 trillion valuation is $50 billion below what the company had targeted and down from the $1.5 trillion level it had been seeking.

A separate report from Bloomberg News, quoted by PYMNTS, says the rest of the round could climb to as much as $20 billion in total and is expected to wrap up in the weeks ahead.

PYMNTS reports that enthusiasm about AI companies has waned in the last month, and the chill extends beyond OpenAI: investors are now valuing rival Anthropic's planned IPO at about $1.5 trillion, below earlier expectations of roughly $2 trillion.

An earlier Reuters report, cited by PYMNTS, said four sources familiar with Anthropic's investor discussions indicated potential backers are skeptical the company can move ahead with its planned roadshow this week and a November listing — and Anthropic could choose to postpone the IPO until market turmoil dies down.

The repricing did not happen in a vacuum. PYMNTS, citing Reuters, reports that a selloff on Thursday, November 5 wiped out $2.5 trillion in market value from the Nasdaq — the market's largest one-day drop since April 2025.

The decline was attributed to investor worries that Democratic victories in last week's midterm elections could bring more scrutiny of AI-related issues such as data center construction.

PYMNTS also noted that Democrats are preparing a slate of AI bills for when they take control of Congress in January, including Rep.

Bill Foster's Real-Time Regulatory Study Act, which would direct financial regulators to develop and publicly release open-source demonstration software, and a bill from Rep.

Lori Trahan requiring independent experts to test AI models against safety standards and clarifying when companies can be liable for harm their systems cause.

The uncertainty has spawned its own market.

KuCoin reports that prediction traders on Bagel are pricing multiple OpenAI valuation outcomes ahead of a November 30 deadline: 45% put the figure below $1.20 trillion, 38% below $1.15 trillion, 34% above $1.37 trillion, 22% above $1.40 trillion and 13% above $1.50 trillion, with about $7,200 in volume on the market.

KuCoin's commentary notes the first $11 billion close is done but the broader round could still reach $20 billion, leaving room for developments before the deadline — while cautioning that a higher valuation is not guaranteed, since the original $1.4 trillion target was already scaled back to $1.25 trillion.