OpenAI lowers latest funding round valuation target to $1.25 trillion

OpenAI lowered its valuation target for the latest funding round to $1.25 trillion, down from an earlier $1.4 trillion pitch by Morgan Stanley and Dragoneer. Investors have until October 30 to commit. Some investors are waiting to see Anthropic's expected mid-November IPO pricing, as Anthropic has also lowered its IPO valuation target from $2 trillion to around $1.5 trillion due to slowed third-quarter growth. This development occurs amid US tech stock sell-offs, with chip stocks shedding $2 trillion in eight sessions this month, as uncertainty around both IPOs weighs on the market, according to Jimmy Chang of the Rockefeller Global Family Office.