OpenAI 下调估值目标，新一轮融资至多 300 亿美元
OpenAI lowers valuation target, raises up to $30 billion
OpenAI 正接近完成一轮至多 300 亿美元的融资，但为此下调了估值目标。据《金融时报》获得的内部文件，公司最初向投资者报出的估值为 1.4 万亿美元，后降至 1.25 万亿美元；CNBC 报道称本轮由阿联酋投资者和投资机构 Coatue 领投，资金被定位为潜在 IPO 前的过渡。
融资规模与估值目标同时变化，读者可据此观察一级市场对头部 AI 公司的定价与 IPO 节奏。
Oct 23, 2026
OpenAI is closing in on a new funding round of up to $30 billion but has lowered its valuation target to get there. The company originally pitched investors on a $1.4 trillion valuation, according to internal documents obtained by the Financial Times. That number has since dropped to $1.25 trillion, CNBC also reports. The FT says demand was weaker than in previous rounds, with some backers experiencing "indigestion" after heavy investments in earlier fundraises.
UAE investors and investment firm Coatue are leading the $30 billion round. The funding is being positioned as a bridge ahead of a potential IPO. OpenAI is also negotiating a commercial deal to secure additional compute capacity through the UAE, according to CNBC.
OpenAI confidentially filed an IPO prospectus with the SEC in June. CFO Sarah Friar told employees in August that OpenAI would be a publicly traded company by 2027. CEO Sam Altman said in September that the timing was unfavorable for going public. He had already communicated that internally back in June. Competitor Anthropic is also preparing an IPO and is targeting a valuation between $1.5 and $2 trillion.
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来源：The Decoder · the-decoder.com