Key Points
- OpenAI has lowered its proposed valuation by $150 billion, from $1.4 trillion to $1.25 trillion.
- The adjusted valuation is still 47% higher than OpenAI's previous valuation of $852 billion in March 2026.
- As investors question whether the infrastructure costs of AI can generate sufficient returns, OpenAI faces the pressure to prove the合理性 of its trillion-dollar valuation.
According to a report by Bloomberg on October 23, OpenAI has lowered its proposed valuation by $150 billion in the final stages of a major financing round. The company is currently seeking a valuation of $1.25 trillion, which is lower than the $1.4 trillion discussed with investors earlier on.
This reduction of approximately 10.7% occurred at a time when OpenAI is attempting to refinance $30 billion to fund its ambitious expansion plans.
Although the revised valuation is still significantly higher than the company's previous financing valuation, this adjustment indicates that investors are becoming more cautious about the substantial funds invested in artificial intelligence development.
Why has the valuation of OpenAI been lowered?
This downward valuation comes at a time when Wall Street's concerns are growing that tech companies have been too aggressive in their investments in artificial intelligence infrastructure without showing sufficient returns.
Recently, tech stocks have also faced selling pressure. Previously, companies including Meta Platforms and Tesla released financial reports with mixed results.
According to the Financial Times, OpenAI's previous valuation target of $1.4 trillion also faced resistance from investors. Nevertheless, the revised figure is still about 47% higher than OpenAI's valuation of $852 billion, which was achieved after a record $122 billion in financing in March 2026.
Therefore, the latest negotiations reflect a downward adjustment to the proposed valuation of OpenAI, rather than an actual decline from the valuation in the previous round of financing that has already been completed.
OpenAI seeks $30 billion in financing ahead of potential IPO
Despite lowering its valuation expectations, OpenAI is still pushing forward with one of the largest private financing deals in the history of technology.
Investment firm Coatue Management is reportedly discussing taking on the role of co-lead investor, with Blackstone and an investment fund from the United Arab Emirates also participating in the financing discussions.
The investment commitment may be finalized by next weekend, but the financing amount and valuation are still subject to change.
These negotiations also took place as OpenAI prepared for its potential initial public offering in 2027; the company had originally planned to enter the public market this year, but that has been postponed.
For OpenAI, the current challenge is to convince investors that despite the rising costs of developing a powerful AI system, its rapid growth and long-term revenue potential are still sufficient to support a trillion-dollar valuation.
