Bloomberg: OpenAI’s round has shrunk from $30B to about $20B, a 33% cut in size, while its valuation target fell only about 11%, from $1.4T to $1.25T.

Investors pushed back on price first in late October and then cut the dollars they were willing to commit, according to the Financial Times.

Even at $1.25T before new money, OpenAI would be valued about 47% above the $852B mark set in March, when it raised $122B.

The pullback coincided with a 3.5% fall in the Nasdaq 100, tying OpenAI’s private fundraising more closely to public-market sentiment on AI spending.