OpenAI is seeking up to $20 billion in a new funding round, trimming an earlier target of as much as $30 billion as doubts spread over whether the AI spending boom can justify its price tag.¹

The shift emerged after the Financial Times reported that the ChatGPT maker had reduced its goal by $10 billion while targeting a post-money valuation of $1.25 trillion. CNBC confirmed the revised fundraising range Saturday, while stressing that the round remains open and the final figures could still move.¹

That leaves OpenAI pursuing one of the most ambitious valuations in technology even as some backers reportedly cut their planned allocations. The company had set a Friday deadline for commitments, according to the report. Investors from the United Arab Emirates are leading the round alongside Coatue, CNBC said.¹

The reduced target arrived after a bruising week for the AI trade. Investors have begun pressing a basic question: can the vast sums being poured into data centres and graphics processors generate adequate returns? AI-linked shares fell sharply Friday, with Intel down 25%, Micron off 5.5% and Nvidia down 4%.¹

The same unease has hit the industry’s biggest spenders. Microsoft, Alphabet and Amazon have committed heavily to AI infrastructure, but recent capital-expenditure figures or forecasts came in below analysts’ expectations. Alphabet then suffered its worst trading day ever after search revenue disappointed; its chief business officer, Philipp Schindler, said lower monetisation in the company’s AI Mode was partly responsible.¹

For OpenAI, the message is pointed: investor appetite for AI has not disappeared, but the era of writing ever-larger cheques without sharper questions may be ending.