OpenAI has secured the first $11 billion of its current funding round at a $1.25 trillion valuation, Bloomberg reported on November 6, with the funds transferred to the company by Friday. The round has not closed and could still reach about $20 billion in the coming weeks — the target OpenAI cut to in late October — but that is well short of the $30 billion bridge round first reported on October 22. Coatue Management and T. Rowe Price were among the participants in the first close, with SoftBank and MGX also reported in the round.

The smaller, slower raise is the clearest price signal yet that investor appetite for AI paper has cooled since the midterm sell-off. OpenAI first sought at least $30 billion at a valuation around $1.4 trillion; it is now filling the round partly from family offices and high-net-worth individuals, according to the Wall Street Journal's earlier reporting.

The funding lands alongside President Greg Brockman's comments at the WSJ Tech conference on November 4 that OpenAI could be IPO-ready in 2027, that enterprise revenue has overtaken consumer sales, and that OpenAI has formed a strategic partnership with JPMorganChase that includes access to its Daybreak cybersecurity models. OpenAI has not publicly confirmed the round's details. The Wire's earlier rumor entries on the $30 billion bridge and the cut to $20 billion stay unresolved until the round actually closes.