OpenAI raises about $11 billion, still courts dentists and other individual investors

OpenAI lands an $11 billion funding round, but has to court dentists for more capital

OpenAI has raised about $11 billion, the first money in a round valuing it at $1.25 trillion, and Bloomberg says the funds landed Friday. The round may reach $20 billion, with the rest expected in coming weeks. After a selloff in AI stocks, OpenAI cut its earlier $30 billion target and $1.4 trillion valuation.

Why it matters: OpenAI lowered its funding target and valuation after an AI stock selloff, and is using investment banks to reach wealthy individuals for this round.