🔍 Read the full analysis: OpenAI Reportedly Raised $11 Billion Of A $30 Billion Goal, And S&P Turned Meta’s Outlook Negative. Is The AI Money Running Out, Or Just Getting Picky? on ThorstenMeyerAI.com
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TL;DR
The Financial Times reported that OpenAI lowered its fundraising target to about $20 billion, and CNBC said it independently confirmed that figure. The Wall Street Journal separately reported that OpenAI has secured about $11 billion so far; that amount has not been independently confirmed, and the round remains in progress. S&P affirmed Meta’s AA- credit rating but changed its outlook to negative, citing the scale of AI spending.
OpenAI reportedly reduced its fundraising target from as much as $30 billion to about $20 billion, while the Wall Street Journal reported that it has secured about $11 billion so far. The round has not closed, and OpenAI has not publicly confirmed either figure. Separately, S&P Global Ratings affirmed Meta’s AA- rating but changed its outlook from stable to negative, citing concerns about the company’s AI spending and ability to earn returns on those investments.
The Financial Times reported October 30, citing people familiar with the matter, that OpenAI cut its target by $10 billion to about $20 billion. On October 31, CNBC said it independently confirmed the $20 billion target with a person familiar with the deal, who said the round remained in progress and its figures could change. Reuters relayed the FT report but did not independently verify it, according to the source material.
The separate estimate that OpenAI has raised about $11 billion to date comes from a Wall Street Journal report, which described some large investors’ response as “tepid.” Other outlets repeated the figure while citing the Journal; the source material identifies no independent confirmation. The FT also reported that an initial close could bring in less than $20 billion, with a later offering to wealthy individuals potentially filling the difference. These remain reported details, not company announcements.
The FT and CNBC both put OpenAI’s valuation for the round at $1.25 trillion, below the $1.4 trillion figure previously floated. The source reports differ on whether $1.25 trillion refers to a pre- or post-money valuation, so the precise basis is unresolved. The FT reported that UAE investors, including state-backed MGX, are expected to be a major participant, alongside Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz. It also reported that OpenAI could have an option to lease computing capacity in the region.
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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AI Spending Meets Investor Caution
The reports suggest that investors may be weighing the cost of AI infrastructure more carefully, even as major companies continue to pursue large funding rounds and computing commitments. A lower target or valuation would not by itself show that OpenAI cannot raise capital; it could reflect negotiations over the amount, price or terms investors will accept. The reported $11 billion also cannot be treated as a confirmed final total while the round remains open.
S&P’s action on Meta points to a related concern from a credit-rating perspective: large AI investments may pressure cash generation before their commercial returns are clear. S&P affirmed Meta’s rating, so the outlook change is a warning about potential future pressure, not a downgrade. For businesses that depend on AI services, the practical issue is whether providers’ financing and infrastructure plans affect prices, available capacity or contract terms. The current reports do not establish that any such changes are underway.
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Recent Fundraising and Spending
OpenAI said on March 31 that it had closed $122 billion in committed capital at a post-money valuation of $852 billion. The company said the total included more than $3 billion from individual investors through banks and that it had expanded an undrawn credit line to about $4.7 billion. That earlier financing provides scale for comparison, but it does not confirm the status or terms of the current round.
The new fundraising is reported against substantial future computing needs. CNBC reported in October that OpenAI told investors in February it was targeting roughly $600 billion in total computing spend by 2030. CNBC also characterized the new round as an opportunistic bridge ahead of a possible public listing. The source material attributes to CNBC a report that OpenAI’s finance chief told employees in August that the company “will be a public company in 2027”; no public filing or listing date is established here.
For Meta, S&P’s outlook change came as the company planned $135 billion to $145 billion in capital spending for the year, according to the source material. Meta’s third-quarter free cash flow was reported at minus $2.1 billion, compared with positive $10.6 billion a year earlier. Those figures indicate a sharp change in cash generation over that comparison period, but do not, on their own, establish that AI spending caused the entire difference.
OpenAI Round Still Unconfirmed
OpenAI has not publicly commented on the fundraising reports, according to the source material, and the round is still in progress. The reported $20 billion target has support from the FT and CNBC, but the reported $11 billion raised so far is attributed to the Journal alone. Neither figure should be treated as a final amount.
The exact valuation basis is also unsettled: the FT and CNBC report $1.25 trillion, but the source material says their descriptions differ on whether it is before or after the new funding. It is not clear how much any investor has committed, whether the reported investors will participate on the stated terms, or whether the potential regional computing arrangement will proceed. S&P’s negative outlook on Meta does not mean its AA- rating has been lowered.
Funding Close and Rating Outlook
The next meaningful update on OpenAI is likely to be a company statement, a reported first close, or further information about the round’s size and valuation. Until then, the fundraising totals and investor commitments remain subject to change. Any later offering to wealthy individuals, as described by the FT, would be another reported step rather than a confirmed plan unless OpenAI or participants disclose it.
For Meta, readers can watch for subsequent S&P rating actions and the company’s disclosures on capital spending, cash flow and returns from AI products. The current rating remains AA- with a negative outlook, according to the source material. No date for a further review or a decision to downgrade is provided.
Key Questions
Has OpenAI confirmed that it raised $11 billion?
No. The Wall Street Journal reported that OpenAI had secured about $11 billion so far, but the source material identifies no independent confirmation and says OpenAI has not commented. The fundraising round is still in progress.
What is OpenAI’s reported fundraising target now?
The Financial Times reported a target of about $20 billion, down from as much as $30 billion. CNBC said it independently confirmed the $20 billion figure. Both reports describe an ongoing round whose numbers could change.
Did S&P downgrade Meta?
No. S&P affirmed Meta’s AA- credit rating and changed its outlook from stable to negative. An outlook change signals concern about possible future pressure; it is not itself a rating downgrade.
Why did S&P change Meta’s outlook?
S&P cited concerns including the scale of Meta’s AI spending and its ability to monetize those investments. Meta disagreed with the assessment, according to the source material. The outlook change does not establish that Meta’s AI investments will fail.
Does this mean AI funding is running out?
The reports do not establish that. They indicate investor terms and expectations may be shifting, while the OpenAI round remains open and its reported figures are not all independently confirmed. The available information is not evidence of an industry-wide funding shutdown.
Source: ThorstenMeyerAI.com
