OpenAI reduces target for latest funding round to $20 billion

OpenAI has cut the size of its newest financing round, aiming to raise $20 billion instead of the previously reported $30 billion. The company has already secured about $11 billion, according to a report in The Wall Street Journal. The Financial Times said the round will be led by investors from the United Arab Emirates, and a later retail offering for high-net-worth individuals could help reach the revised target. The funding effort comes as the firm prepares for a planned initial public offering.

The shift in target reflects a slower pace of investor commitment than earlier expectations.