OPENAI SHAVED $150 BILLION OFF ITS ASK — STILL WANTS $30 BILLION AT $1.25 TRILLION

OpenAI is working on raising up to $30 billion at a $1.25 trillion pre-money valuation, in a round led by Coatue with participation from UAE investors, sources told CNBC. The financing is being positioned as an opportunistic bridge ahead of a potential IPO, which the company now expects in 2027.

The number would make OpenAI the most valuable private company ever — and it is still a comedown. Bloomberg reported a month ago that the lab was pitching $30 billion at $1.4 trillion, meaning the ask has dropped roughly $150 billion in weeks while tech stocks slid on AI-spending fears. OpenAI declined to comment, and terms are still being negotiated.