OpenAI raises $11B at a $1.25T valuation

OpenAI raised $11 billion in a funding round at a $1.25 trillion pre-money valuation, a smaller amount than its initial target of $30 billion or more at a $1.4 trillion valuation. The round was led by SoftBank and Abu Dhabi's MGX, and may be followed by an additional $20-29 billion. Microsoft and NVIDIA, which depend on OpenAI's funding plans, may be affected by the smaller-than-expected round. OpenAI's business has grown 70% quarter-over-quarter in the third quarter, with its enterprise business doubling and revenue split 50% between consumer and enterprise sales. OpenAI's CFO, Sarah Friar, said the company's valuation is now almost 50% above its previous valuation of $852 billion in March, when it raised $122 billion.