OpenAI reportedly lowers valuation target to $1.25 trillion amid resistance to proposed $1.4 trillion price

Multiple people familiar with the Morgan Stanley-led process told the FT that demand from clients was weaker than in past rounds. “There has been zero clamouring,” one said. Some described fatigue after earlier investments; other investors said they wanted to see how Anthropic prices its IPO before committing to OpenAI.

Prospective investors have until Oct. 30 to commit, and OpenAI could raise less than $30 billion depending on interest, according to the FT. The financing is intended as a bridge to a possible public offering. A person close to OpenAI told the FT an IPO was likely in the first half of 2027, though no date had been fixed. CNBC reports that CFO Sarah Friar told employees in August the company “will be a public company in 2027”; CEO Sam Altman said the following month that “right now would be an ill-advised moment to go public.”