On October 31, the Financial Times reported that OpenAI is racing to finalize its latest funding round and has cut its target size by $10 billion. The move comes after a sell-off in AI-related stocks in the public market and ahead of an impending listing by its largest competitor, Anthropic, both of which have cast a shadow over the round. Last month, OpenAI had originally planned to raise $30 billion at a valuation of $1.4 trillion, calling it investors' last chance to buy in before its IPO next year. The company cited rapid revenue growth since July to justify a valuation nearly double the previous $852 billion. But as tech stocks suffered a sharp sell-off and market concerns mounted over the scale and pace of AI spending, OpenAI scaled back its funding expectations. Several people familiar with the matter said OpenAI is now seeking to raise about $20 billion at a valuation of $1.25 trillion, with the deadline for investor subscriptions set for last Friday. The first closing is expected to bring in less than $20 billion, the people said, because some investors have already reduced their subscription amounts.