OpenAI has reduced its funding target by $10 billion and its valuation by $150 billion amid this week’s technology stock selloff, according to the Financial Times. The company is now seeking to raise $20 billion at a $1.25 trillion valuation, down from its earlier target of $30 billion at a $1.4 trillion valuation. OpenAI had set a deadline of October 31 for investors to commit to the funding round. However, the first close is now expected to bring in less than $20 billion after some investors reduced their allocations. The funding revision comes weeks before the expected Anthropic IPO.

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