OpenAI secured approximately $11 billion in new funding by November 6, 2026, according to people familiar with the deal. The round was priced at a $1.25 trillion pre-money valuation, confirmed by OpenAI CFO Sarah Friar in a television interview.
The final amount represents a retreat from OpenAI’s initial fundraising goals. Press reports indicated the company originally sought to raise $30 billion or more at a $1.4 trillion valuation, with some investors initially proposing $1.5 trillion. Friar disputed this account on air, stating the higher figure originated from media reports rather than OpenAI itself.
The $11 billion that closed accounts for approximately 37% of the original fundraising target. SoftBank and Abu Dhabi’s MGX participated in the round. Additional tranches could bring the total to as much as $20 billion, though a separate follow-on portion of up to $9 billion has not yet closed.
Friar characterized the valuation as roughly 50% higher than March 2026, when OpenAI raised $122 billion at an $852 billion valuation. She attributed the smaller round to broader AI stock selloffs, even as the company maintains its business is accelerating.
According to Friar, OpenAI’s business grew 70% quarter over quarter in the third quarter, with enterprise revenue doubling. She stated the company has 1.2 billion weekly ChatGPT users and an ads run rate of $1 billion as of August, with revenue split approximately 50-50 between consumer and enterprise segments.
The funding gap has implications for major shareholders. Microsoft reported a $207 million gain on its OpenAI stake in the September quarter, compared with $3.1 billion in net losses a year earlier. A smaller valuation increase reduces future accounting gains. NVIDIA, which supplies computing infrastructure to OpenAI, has disclosed that OpenAI’s existing and planned commitments account for approximately 12 gigawatts of its compute capacity. NVIDIA management previously stated that frontier AI labs “are growing faster than what their balance sheets and credit profiles can support.”
The outcome also reflects broader market pressures on private AI valuations. Rival Anthropic, which plans to list on Nasdaq in mid-November, is now valued by some investors at approximately $1.5 trillion, down from roughly $2 trillion in earlier expectations.
Key facts
- OpenAI closed $11 billion of new funding at a $1.25 trillion pre-money valuation on November 6, 2026
- The round fell short of an initial $1.4 trillion valuation target amid AI stock market pullback
- The closed amount represents approximately 37% of the original fundraising target, with potential additional tranches of up to $20 billion
- SoftBank and Abu Dhabi’s MGX participated in the round
- OpenAI reported 70% quarter-over-quarter business growth in Q3, with enterprise revenue doubling
- The company disclosed 1.2 billion weekly ChatGPT users and a $1 billion ads run rate as of August