Nvidia discusses debt guarantee for Nscale’s West Virginia AI campus
Nscale’s IPO filing shows a $44.6 billion Anthropic contract for the campus’s first building, while a second agreement remains under discussion.
OpenAI cuts funding target by $10 billion, media report says
The ChatGPT maker is seeking about $20 billion, with a UAE investor consortium expected to be the largest participant.
OpenAI has lowered its fundraising goal by $10 billion and is seeking about $20 billion, according to a media report on October 30 citing people familiar with the matter. The company is targeting a valuation of $1.25 trillion.
Investors were given an October 30 deadline to commit, the report said. Some have scaled back their commitments, leaving the initial closing expected to bring in less than $20 billion.
A group of UAE investors, including state-backed technology fund MGX, is expected to make the largest contribution. Under the proposed deal, OpenAI would also have an option to lease computing capacity being developed in the region, according to the report.
Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz are among the venture capital firms expected to invest. The report said wealthy individuals would be able to participate later through a retail offering at a $1.25 trillion valuation.
The fundraising comes amid concerns about heavy AI spending and a decline in U.S. technology shares. The Nasdaq fell 2.9% on October 30, leaving it 7.8% below its record closing level set on October 6.
OpenAI is pursuing a 2027 listing. Previous media reporting said it wanted to complete the funding partly before Anthropic's imminent listing because both companies are seeking money from similar investors.