10月31日消息，据英国《金融时报》援引多名知情人士报道，ChatGPT开发商OpenAI已将最新一轮融资目标从300亿美元下调至约200亿美元，拟议估值也从此前的1.4万亿美元降至1.25万亿美元。
《华尔街日报》随后披露，OpenAI目前获得的投资承诺约为110亿美元，还不到最初目标的一半。公司已告知股东，未来几周还会继续募资，争取吸引家族办公室和高净值个人入局。据《金融时报》报道，OpenAI拒绝置评。
先降估值，再砍融资目标
按《金融时报》的说法，OpenAI上个月向投资人推介这轮融资时，将其描述为公司明年上市前的最后一次入股机会，并以今年7月以来加速增长的营收作为支撑，开出了1.4万亿美元的估值要价。
但随着谈判推进，公司先后下调了估值要价和融资目标。The Information称，OpenAI上周已先把拟议估值调低至1.25万亿美元，如今又将计划募资额砍掉了100亿美元。《金融时报》还透露，部分投资机构缩减了认购额度；公司把首批投资承诺的截止时间定在当地时间10月30日，预计首轮交割的规模将达不到200亿美元。
而在今年3月31日，OpenAI刚刚宣布完成了一轮高达1220亿美元投资承诺的融资，当时的投后估值为8520亿美元。
目前，多家头部机构仍在洽谈跟进。据《金融时报》报道，包含阿联酋政府支持的科技投资机构MGX在内的财团，预计将成为本轮最大的出资方；软银、红杉资本、Coatue、Founders Fund和Andreessen Horowitz（a16z）等老牌机构也计划参与。
这笔投资还与算力供应直接挂钩。按上述报道，作为交易条件的一部分，OpenAI将获得租用阿联酋当地新建算力的选择权。对OpenAI而言，引入这些投资方不仅能补充账面资金，也有助于拓宽后续的算力来源。
想赶在Anthropic上市前锁定资金
路透社曾在10月19日报道，OpenAI之所以急着推进这轮融资，部分原因是为了赶在老对手Anthropic预计于11月进行的IPO之前锁定资金。由于两家公司接触的是相近的一批投资者，部分机构也将OpenAI的动作解读为“抢跑”：赶在资金流向Anthropic公开上市之前，先把钱拢到自己碗里。
眼下，Anthropic已经公开了上市文件，OpenAI却还在调整私募融资的价码。两家巨头正面争夺的不只是大模型用户，还有投资者的资金和注意力。对同一家基金而言，要不要给OpenAI加仓，不可避免地要和参与Anthropic打新的机会摆在一起权衡。
与此同时，二级市场的风向也变了。《金融时报》援引一名OpenAI投资人称，刚启动这轮融资时，市场对AI投资还相当狂热，但随后急转直下的科技股行情打乱了节奏。当地时间10月30日，纳斯达克100指数单日下跌约3.5%。《华尔街日报》指出，投资人如今正变得愈发挑剔，无论是投哪家AI公司，还是按什么价格掏钱，都比以前谨慎得多。
但OpenAI依然需要为庞大的算力和基建承诺筹钱。路透社此前援引熟悉公司的投资人称，补充资金也能帮公司缓冲二级市场转冷、原定2027年的上市计划被迫进一步推迟的风险。OpenAI在3月融资公告中表示，持续获得算力有助于推进研究、改进产品、扩大服务覆盖，并降低大规模提供服务的成本。
向富裕个人投资者募资，OpenAI此前也有过先例。公司今年3月曾披露，通过银行渠道吸引的个人投资超过了30亿美元。《金融时报》称，OpenAI在本轮后续阶段也打算向高净值个人开放认购，继续按1.25万亿美元的估值募资，有可能将整轮融资规模推至约200亿美元。
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On 31 October, according to a number of sources quoted in the British Financial Times, the CatGPT developer Openai had reduced the financing target from $30 billion to about $20 billion, and the proposed valuation had fallen to $1.25 trillion from the previous $1.4 trillion.
The Wall Street Journal subsequently disclosed that Open AI currently received investment commitments of approximately $11 billion, less than half the original target. The company has informed shareholders that it will continue to raise funds in the coming weeks to attract family offices and high net worth individuals. According to the Financial Times, Open AI refused to comment.
Lower the valuation and cut the target.
According to the Financial Times, Open AI presented this round of financing to investors last month, describing it as the company ' s last equity opportunity before coming on the market next year, supported by the accelerated growth since July this year, with an estimated price of $1.4 trillion.
However, as negotiations progressed, the firm revised valuation requests and financing targets downwards. According to the Information, Open AI had first reduced the proposed valuation to $1.25 trillion last week and now cut off the planned fund-raising by $10 billion. The Financial Times also revealed that some investment institutions had downsized their subscriptions to quota; the company had set the deadline for its first investment commitments at 30 October local time, and the scale of the first round was expected to be less than $20 billion.
On 31 March of this year, Open AI just announced the completion of a round of financing up to $122 billion in investment commitments, at a post-investment valuation of $852 billion.
At present, a number of head offices are still negotiating. According to the Financial Times, the consortium, which includes MGX, an investment agency in science and technology supported by the Government of the United Arab Emirates, is expected to be the largest contributor to the current round; it is also planned to involve older institutions, such as soft silver, redwood capital, Coatue, Founders Fund and Andreasen Horowitz (a16z).
This investment is also directly linked to the supply of energy. According to the above-mentioned report, as part of the terms of the deal, Open AI will be given the option of renting new local capacity in the Emirates. For Open AI, the introduction of these investments would not only supplement book money but would also help broaden the source of follow-up.
Trying to lock the money before Anthropic went on the market.
Reuters reported on 19 October that Open AI was anxious to move the round forward, partly in order to lock the funds ahead of the IPO that Anthropic, an old rival, was expected to carry out in November. As the two companies are in contact with a close group of investors, some agencies have also interpreted Open AI’s actions as “snatching”: before the funds go to Anthropic’s public market, they are brought into their bowls.
At the moment, Anthropic has made publicly available the listed documents, while Open AI is still adjusting the price for private fundraising. The two giants are competing not only for LLM users, but also for the funds and attention of investors. In the case of the same fund, whether or not Open AI should be put on hold will inevitably have to be weighed against the new opportunities for engaging with Anthropic.
At the same time, the direction of the secondary market has changed. The Financial Times quoted an Open AI investor as saying that the market was still quite zealous about AI just after the start of the round, but that it was then abruptly derailed by the science and technology stock situation. On 30 October, local time, the NASDAQ 100 index fell by about 3.5 per cent a day. The Wall Street Journal notes that investors are now becoming increasingly picky, and that they are much more cautious than before, whether they vote for AI or at what price.
Open AI, however, still needs to raise money for its huge budget and capital commitments. Reuters had previously cited investors who were familiar with the company as saying that additional funds could also help the company to cushion the risk of cooling down the secondary market, and that the listing plan scheduled for 2027 had to be further delayed. In its March finance announcement, Open AI stated that sustained calculus would help to advance research, improve products, expand service coverage and reduce the cost of large-scale service delivery.
Open AI also has a precedent for raising funds from wealthy individual investors. In March this year, the company disclosed that individual investments attracted through banking channels exceeded $3 billion. According to the Financial Times, during the follow-up phase of the current round, OpenAi also intends to open its subscription to high net worth individuals and to continue to raise funds on the basis of a valuation of $1.25 trillion, with the potential to scale up the round to approximately $20 billion.
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