OpenAI reportedly raises $11 billion at $1.25 trillion valuation

OpenAI reportedly closed the first $11 billion tranche of a new funding round at a $1.25 trillion valuation, with more cash expected in the coming weeks and the total potentially reaching $20 billion.

OpenAI has raised $11 billion at a valuation of $1.25 trillion.

SITUATION EXPLAINED: Anthropic's IPO talk just dropped from $2T to as low as $1.1T, below OpenAI's $1.25T. • Some investors floated $2T in early October, marked it down to $1.5T 3 weeks ago, and are now discussing $1.2T to $1.3T • The Nasdaq 100 then fell 6.4% on Thursday, a record $2.3T single-day wipeout, and valuation questions picked up after Democrats swept Congress • Anthropic's annualized revenue topped $80B at the end of October, with about $35B in revenue over the past 4 quarters • Its filing shows about $895B in committed compute spending, roughly $70B of it due in the next 12 months • Anthropic plans to raise up to $100B in the IPO, with formal marketing starting next week • HSBC's Max Kettner says around $1T would be more comfortable, while Sycomore's David Rainville says…