OpenAI’s latest funding round closed an initial $11 billion tranche at a $1.25 trillion valuation as of November 6, 2026, well below the $30 billion target at roughly $1.4 trillion sought earlier in the year. This marks a 47 percent increase from the $852 billion post-money valuation of its March round yet reflects scaled-back ambitions amid cooling AI-sector sentiment, a broader tech-stock rout, and investor caution over infrastructure spending. The round could reach $20 billion in coming weeks with participation from SoftBank, MGX, Coatue, and T. Rowe Price. With an IPO now eyed for 2027 after confidential filings, the December 31 resolution hinges on whether additional closes or secondary activity push the private valuation higher before year-end.