OpenAI 下调估值目标至 1.25 万亿美元，拟融资最高 300 亿美元
OpenAI lowers valuation target, raises up to $30 billion
OpenAI 正在推进一轮最高 300 亿美元的融资，但将估值目标从 1.4 万亿美元下调至 1.25 万亿美元，据 FT 获得的内部文件与 CNBC 报道。该轮由阿联酋投资者和投资公司 Coatue 领投，定位为潜在 IPO 前的过渡融资，FT 称部分投资人在此前多轮重仓后需求偏弱。
文章汇集了 FT 与 CNBC 的报道细节，把 OpenAI 融资规模、估值下调和 IPO 时间线放在同一语境中。
Oct 23, 2026
OpenAI is closing in on a new funding round of up to $30 billion but has lowered its valuation target to get there. The company originally pitched investors on a $1.4 trillion valuation, according to internal documents obtained by the Financial Times. That number has since dropped to $1.25 trillion, CNBC also reports. The FT says demand was weaker than in previous rounds, with some backers experiencing "indigestion" after heavy investments in earlier fundraises.
UAE investors and investment firm Coatue are leading the $30 billion round. The funding is being positioned as a bridge ahead of a potential IPO. OpenAI is also negotiating a commercial deal to secure additional compute capacity through the UAE, according to CNBC.
OpenAI confidentially filed an IPO prospectus with the SEC in June. CFO Sarah Friar told employees in August that OpenAI would be a publicly traded company by 2027. CEO Sam Altman said in September, though, that the timing was unfavorable for going public. He had already communicated that internally back in June. Competitor Anthropic is also preparing an IPO and is targeting a valuation between $1.5 and $2 trillion.
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来源： The Decoder · the-decoder.com