OpenAI has completed approximately $11 billion in new financing, according to people familiar with the matter, marking the first close of this funding round at a $1.25 trillion valuation, with proceeds received on Friday. The round could ultimately reach as much as $20 billion and is expected to be finalized within the coming weeks. OpenAI had previously shelved its IPO plans and had been negotiating a major fundraising effort for more than a month. The company initially aimed to raise $30 billion or more at a $1.4 trillion valuation but later scaled back amid a sharp selloff in publicly traded AI stocks. Investors participating in the first close include Coatue Management and T. Rowe Price, while other backers in this round include SoftBank Group, Sequoia Capital, Founders Fund, Andreessen Horowitz, and a group of UAE investors. OpenAI is also working with investment banks to raise capital from high-net-worth individuals and retail investors.