OpenAI lowered its funding target for its latest round. It now seeks $20 billion instead of $30 billion. The first close is expected to be below that target. Investors from the United Arab Emirates will lead the round. OpenAI has secured $11 billion so far. Some large investors have responded tepidly. The round follows earlier targets of $30 billion at valuations of $1.4 trillion and $1.25 trillion. A retail offering for wealthy individuals may bring the total to $20 billion. TechCrunch has contacted OpenAI for comment. Wall Street investors have grown wary of heavy AI infrastructure spending.

• $30 billion to $20 billion funding target
• $11 billion secured so far
• $1.4 trillion to $1.25 trillion valuation