OpenAI Trims Funding Target and Plans Post-Midterm Push to Reshape AI Debate

OpenAI is facing a tougher financing climate while preparing a public relations campaign to influence how Americans view AI, including a proposal to rebrand data centers as “AI compute campuses.”

The ChatGPT maker had been reported to be seeking $30 billion at a $1.4 trillion valuation, later revised to $1.25 trillion, ahead of its planned IPO. The Financial Times now reports that OpenAI has lowered its target to $20 billion, with a first close expected below that. The round will be led by investors from the United Arab Emirates, with a later retail offering for wealthy individuals potentially lifting the total to $20 billion. The Wall Street Journal reported that OpenAI has secured $11 billion so far and that some large investors responded tepidly.

The shortfall may partly reflect timing, as Wall Street grows wary of heavy AI infrastructure spending and tech stocks sell off. Rival Anthropic may also face hurdles, with reports it could receive a high junk credit rating after its IPO.

Separately, Axios reports that OpenAI is preparing a PR blitz following Tuesday’s midterm elections. Chief global affairs officer Chris Lehane told Axios the midterms will offer a preview of 2028, when he expects AI to be the central issue in the presidential race.

Lehane outlined several proposals for shaping the debate, including AI speed limits, helping people see AI as empowering in their daily lives, and encouraging the U.S. to lead on global standards. Among them is rebranding data centers, which have become deeply unpopular with many communities, as AI compute campuses.

Lehane described the public conversation around data centers, which has led Amazon and Microsoft to drop NDAs in negotiations with local governments, as good and healthy. He said communities should hold companies accountable to ensure they gain a genuinely transformative benefit from such projects.