OpenAI funding round valuation cut to $1.25tn as UAE and Coatue lead

Sam Altman at OpenAI DevDay 2026 in San Francisco.

OpenAI has lowered the valuation it is seeking for its new funding round to $1.25tn, from the $1.4tn it pitched earlier this month. Some investors had pushed back on the higher price, the Financial Times reported, citing documents it had seen.

The company is close to raising up to $30bn at that valuation, which does not include the new money, CNBC first reported on Thursday. Investors from the United Arab Emirates are leading the round with Coatue, people familiar with the deal told CNBC. TNW has not independently verified the figures.

The cut is $150bn, according to Bloomberg . OpenAI first sought $1.4tn in September. It last raised $122bn in March, at an $852bn valuation including the money.

OpenAI told investors on Thursday that it wants signatures by the end of next week, CNBC reported. The final size of the round is still being set.

Coatue is in talks to co-lead, Bloomberg reported. OpenAI has also talked to several UAE funds, among them Abu Dhabi’s MGX , and to BlackRock, Bloomberg has reported.

Alongside the money, OpenAI is negotiating a deal for more computing capacity from the UAE, one person told CNBC. OpenAI told investors in February that it is targeting about $600bn in total compute spending by 2030.

OpenAI declined to comment to Bloomberg. Coatue did not immediately respond to Bloomberg’s request for comment. The people told Bloomberg that details could still change.

The round is being pitched as an “opportunistic” bridge ahead of a possible IPO, CNBC reported. OpenAI filed confidentially with the US Securities and Exchange Commission in June but has not said when it will list.

Chief financial officer Sarah Friar told staff in August that OpenAI “will be a public company in 2027,” CNBC reported. A month later, chief executive Sam Altman said the timing was wrong.

“Right now would be an ill-advised moment to go public,” Altman said in September.

OpenAI has pushed its IPO plans back to next year, citing its focus on AI safety, Bloomberg reported.

OpenAI had been trying to close the round before Anthropic goes public. Investors expect Anthropic’s IPO next month, Bloomberg reported. It is seeking a valuation of $1.5tn to $2tn, Reuters reported. In May, Anthropic raised $65bn at a $965bn valuation.

The talks come in a weak week for AI stocks. Investors have questioned AI spending after results from Meta, whose future spending commitments reach $825bn, and from Tesla, Bloomberg reported.

Get the most important tech news in your inbox each week.