OpenAI’s latest funding round established a $1.25 trillion valuation after closing an initial $11 billion tranche on November 6, 2026, below the $1.4 trillion target pitched earlier amid softening AI stock sentiment and investor caution over infrastructure costs. This marks a 47 percent increase from the $852 billion mark set in its March round, with participants including SoftBank, MGX, Coatue, and T. Rowe Price, while the full round may reach roughly $20 billion in coming weeks. Competitive pressure from Anthropic’s re-priced IPO expectations and broader market pullback on AI spending have tempered appetite for higher marks. With an IPO now eyed for 2027 and no major product or partnership announcements imminent before November 30, trader consensus on any near-term valuation threshold will hinge on whether the remaining funding or credible revenue updates can shift the private-market price in the next three weeks.