OpenAI has completed the first $11 billion tranche of its latest funding round, with funds arriving Friday and the company valued at $1.25 trillion, according to people familiar with the matter. The round could expand to approximately $20 billion in subsequent closings. The AI giant originally targeted over $30 billion in new capital at a valuation near $1.4 trillion but scaled back its goals amid pressure on AI-related US equities. OpenAI's previous fundraising raised roughly $122 billion at an estimated $852 billion valuation.