OpenAI fails to raise targeted $30 billion ahead of IPO
In its latest investment round before its IPO, OpenAI was able to raise only $11 billion — nearly three times less than the planned $30 billion.
1news.az reports this citing The Wall Street Journal (WSJ).
Investors valued the company at $1.25 trillion, while the AI developer had been counting on a valuation of $1.4 trillion.
The modest results of the round are explained by cooling investor interest in the AI sector and increased caution in committing funds. At the same time, there is a large-scale sell-off of technology stocks caused by weak financial reports from Google, Amazon, and Intel, the newspaper notes.
The creator of ChatGPT has lowered the bar and intends to bring the total volume of the round to $20 billion. According to WSJ sources, OpenAI told shareholders that it intends to raise the remaining funds in the coming weeks — it will turn to family offices and private investors with large capital.
The company's main competitor, Anthropic, meanwhile is demonstrating financial success. Anthropic's revenue more than doubled between the first and second quarters, to $11.6 billion, while OpenAI's revenue over the same period grew by approximately 18% and amounted to $6.7 billion. Earlier this week, Anthropic filed documents for an IPO planned for next month.
