OpenAI has slashed its target capital raise and valuation amid the steep AI-related stock selloff of the past few weeks, the FT reported late Friday evening.

The company — which had previously put off IPO plans until 2027 — had been seeking to raise $30 billion at a $1.4 trillion valuation, but is now looking to raise about $20 billion at a $1.25 trillion valuation, according to the story.

It’s not just stock jitters. OpenAI is also competing for capital with rival Anthropic, which plans to go public in November and reportedly is aiming to raise as much as $100 billion at a $1.5 trillion valuation.#bainancenews #OpenAI