OpenAI’s latest funding round has been adjusted. According to media reports, the company has cut its original fundraising target of about $30 billion to around $20 billion, and its target valuation from $1.4 trillion to $1.25 trillion. Some institutional investors have reduced their commitments, so the amount actually closed in the first tranche may fall short of expectations. Meanwhile, OpenAI is still pushing ahead with its 2027 IPO plan.
OpenAI sits at the center of global AI capital spending. Over the past few years, the demand for computing power created by large-model training and inference has pushed Nvidia(NVDA 0.00%↑), Microsoft(MSFT 0.00%↑), Amazon(AMZN 0.00%↑), Oracle(ORCL 0.00%↑) and other tech giants to keep raising capital expenditure. GPUs, data centers, networking equipment and cloud computing have become one of the most important industry themes in the U.S. stock market.
But as infrastructure investment keeps growing, the capital markets have begun to focus on a more practical question: how much money do AI companies need to invest, and how long will it take them to generate sufficiently stable revenue and cash flow?
