OpenAI cuts latest funding target by $10B, seeks ~$20B at $1.25T valuation

The scale-back is the signal here: a company trimming its raise while still seeking a $1.25 trillion valuation suggests demand at that price is not unlimited, even for the sector's most prominent name. Because the item names no investors or timing, the read-through for private AI valuations and the capital flowing into the wider AI-crypto and RWA narrative rests on whether the round closes near target. Whether the revised figure holds, and who ends up on the cap table, is the open question.