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TL;DR
The Financial Times and CNBC reported that OpenAI lowered its fundraising target from as much as $30 billion to about $20 billion, while the round remains open. The Wall Street Journal separately reported that about $11 billion has been secured so far, a figure not independently confirmed in the source material. S&P affirmed Meta’s credit rating but changed its outlook to negative amid AI-related spending concerns.
OpenAI has reportedly cut its fundraising target from as much as $30 billion to about $20 billion, according to reports by the Financial Times and CNBC, while a separate Wall Street Journal report put money raised so far at about $11 billion. The round has not closed, OpenAI has not publicly commented, and the fundraising reports arrive as S&P Global Ratings turned Meta’s outlook negative over its AI spending while affirming the company’s credit rating.
The Financial Times reported on October 30, citing people familiar with the matter, that OpenAI lowered its target by $10 billion. CNBC reported the following day that it independently confirmed the approximately $20 billion target with a person familiar with the deal, who said the round remains in progress and its figures could change. Reuters relayed the Financial Times report but, according to the source material, did not independently verify it.
The Wall Street Journal separately reported that OpenAI had secured about $11 billion so far and received a “tepid” response from some large investors. That figure was not independently confirmed by another outlet in the source material. The Financial Times also reported that a first close could bring in less than the target, with a later offer to wealthy individuals potentially filling some of the gap.
The Financial Times and CNBC put the round’s valuation at $1.25 trillion, below the $1.4 trillion OpenAI initially floated, according to the reports. They also described a group of United Arab Emirates investors, including state-backed fund MGX, as expected to play a leading role. OpenAI may receive an option to lease computing capacity in the region, the Financial Times reported. These terms have not been announced by OpenAI.
Infographic 01 · Confirmed or only reported
What we know about OpenAI’s shrinking round
Every number in this story comes from reporting, not from OpenAI. Here is which claim rests on how many sources.
- Target cut by $10B to about $20BTwo outlets
FT, citing people with knowledge of the matter; CNBC confirmed the figure with its own source. Round still open.
- Valuation $1.25T, down from $1.4TTwo outlets
FT and CNBC. Before or after the new money? The two CNBC reports differ.
- Friday deadline, first close below $20BOne outlet
FT. A later offering to wealthy individuals could fill the gap.
- UAE group with MGX expected to lead, option to lease computing capacityOne outlet
FT. CNBC had reported UAE investors and Coatue as leads on 22 Oct.
- About $11B secured, “tepid” response from some big investorsOne outlet
Wall Street Journal. Repeated by others, confirmed by none.
- OpenAINo comment
No reply to Reuters, CNBC or TechCrunch. No statement on its website.
How the round shrank
- 31 Mar 2026$122B closed at an $852B valuationOpenAI’s own announcement
- 22 Oct 2026Up to $30B at $1.25T, before new moneyCNBC, people familiar with the deal
- 30 Oct 2026Target cut to about $20BFT, relayed by Reuters
- 30 Oct 2026About $11B collected so farWall Street Journal
- 31 Oct 2026$20B confirmed, round not closedCNBC
“Two outlets” means two news organizations reported it with their own sources. None of this is confirmed by OpenAI.
Sources: FT via Reuters, 30 Oct 2026, CNBC, 31 Oct 2026, CNBC, 22 Oct 2026, WSJ as reported by Investing.com, 31 Oct 2026, OpenAI, 31 Mar 2026.
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What Tighter Funding Could Change
The reports do not establish that funding for AI companies is drying up. They do suggest that investors may be scrutinizing the size, price and terms of major AI deals more closely. A lower target or valuation can affect how much capital a company can deploy and the ownership terms it accepts, but the reporting does not identify a single cause for OpenAI’s reported target change.
For businesses that rely on AI services, the immediate concern is not a confirmed shutdown. It is that providers’ financing and infrastructure costs could influence prices, usage limits, service availability or contract terms over time. That is a possible consequence, not a reported change to OpenAI’s products. Companies with critical AI dependencies can reduce exposure by tracking contract conditions and preparing alternatives.
Meta’s credit outlook adds a separate signal about the financial demands of the AI build-out. S&P affirmed Meta’s AA- credit rating but changed its outlook from stable to negative. Meta’s third-quarter free cash flow was reported as negative $2.1 billion, compared with positive $10.6 billion a year earlier; the company also guided to $135 billion to $145 billion in capital spending for the year. Those figures show spending pressure, but they do not by themselves establish that Meta cannot fund its plans.
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Recent Raises and Rising Compute Costs
OpenAI said on March 31 that it had closed a separate financing round with $122 billion in committed capital at an $852 billion post-money valuation. The company also said it had expanded an undrawn credit line to about $4.7 billion. Those company-reported figures provide a comparison with the newly reported fundraising effort; they do not confirm how much of the new round has been raised.
OpenAI’s need for capital has been linked in reporting to the cost of computing infrastructure. CNBC reported in October that the company told investors in February it was targeting roughly $600 billion in total computing spend by 2030. CNBC also characterized the current fundraising as an opportunistic bridge ahead of a possible public listing. The source material says OpenAI’s finance chief told employees in August that the company would be public in 2027, as reported by CNBC; that is a reported expectation, not a completed or guaranteed listing.
On Meta, S&P’s action was a change in outlook, not a downgrade. The ratings agency said Meta’s ability to monetize AI investments was more limited than that of some peers. Meta said it “respectfully” disagreed. The source material does not provide further detail on the agency’s full analysis or Meta’s response.
“Meta “respectfully” disagrees.”
— Meta
OpenAI’s Final Raise Remains Unknown
The most important figures remain based on reporting rather than an OpenAI announcement. The approximately $20 billion target was reported by two outlets, while the approximately $11 billion raised so far appeared in the Wall Street Journal report alone. OpenAI had not commented in the source material, and the round remained open as of October 31.
Details about the valuation are also not settled. The Financial Times and CNBC both reported $1.25 trillion, but the source material describes differing accounts of whether that figure is before or after the new money. Any conclusion that the price per share has fallen further is an interpretation of those reports, not a confirmed fact. Investor commitments, the final amount raised and the proposed regional computing arrangement remain subject to change or confirmation.
It is also unclear whether the reported target reduction reflects investor caution, OpenAI’s changing capital plans, deal structure, or some combination. S&P’s negative outlook on Meta is a distinct credit assessment and does not establish that AI funding across the industry is contracting.
Watch for a Closing Announcement
The next clear milestone is a confirmed update on OpenAI’s round: whether it closes, how much capital investors commit, and what valuation and terms the company accepts. Until OpenAI or participating investors disclose those details, the reported target and preliminary amount should be treated as provisional.
Further reporting may clarify which investors take part, whether the UAE-linked computing option is included, and whether a later offer to wealthy individuals is used to raise more capital. For Meta, readers can watch for subsequent rating actions, company spending updates and evidence about how AI investments affect revenue and cash flow. None of those outcomes is established by the current reports.
Key Questions
Did OpenAI officially announce a $20 billion fundraising target?
No. The Financial Times reported the target reduction, and CNBC said it confirmed the approximately $20 billion figure with a person familiar with the deal. The source material says OpenAI had not publicly commented.
Has OpenAI raised $11 billion in the round?
The Wall Street Journal reported that OpenAI had secured about $11 billion so far. The source material says that figure was not independently confirmed by another outlet, so it should not be treated as an official total.
Did S&P downgrade Meta?
No. S&P affirmed Meta’s AA- rating and changed its outlook from stable to negative. An outlook change is not itself a rating downgrade.
Does this mean AI companies are running out of money?
The reports do not show that AI funding has run out. They point to a reported reduction in OpenAI’s fundraising target and a negative outlook for Meta tied to spending. The broader availability of funding, and the reasons for the reported change, remain unclear.
Source: ThorstenMeyerAI.com
