OpenAI raises about $11B of targeted $30B at $1.25T valuation

OpenAI raised roughly $11 billion in its latest round, under half of the $30 billion it sought. The $1.25 trillion valuation also fell short of expectations, with major investors reportedly pulling back amid the recent tech sell-off. Rival Anthropic is reportedly aiming to go public as early as November.

Why it matters: Investor appetite for AI is cooling just as capex needs are huge, echoing Google's AI Mode revenue worries and AWS's $77B quarterly capex. Anthropic's S-1 showing record revenue and a first operating profit contrasts sharply, which could shift capital toward the lab with a visible path to profitability.