OpenAI reportedly closes $11 billion of funding at $1.25 trillion

What happened: OpenAI has taken in about $11 billion, the first portion of a larger funding round, according to Bloomberg. The round values the company at $1.25 trillion. GV Wire carried the same report, a copy of the Reuters story, dated 6 November.

The numbers: Bloomberg's sources say the money was wired as of Friday, 6 November. The round could reach about $20 billion in total. One source says the rest is expected to close in the coming weeks, but this is unconfirmed.

The context: OpenAI raised $122 billion in March at an $852 billion valuation, according to Bloomberg. Bloomberg also says an earlier $1.4 trillion valuation figure was referenced before OpenAI scaled back.

Who's affected: Coatue Management and T. Rowe Price are named in the first close. Other investors named are SoftBank Group, Sequoia Capital, Founders Fund and Andreessen Horowitz, plus a syndicate of UAE-based backers.

The catch: Outlets differ on whether the $1.25 trillion figure is pre-money or post-money. OpenAI has not publicly confirmed the transaction details and declined to comment. SoftBank, Founders Fund and T. Rowe Price also declined to comment.

The rivals: Anthropic is also nearing its own IPO, and the $1.25 trillion figure is set against that backdrop.

What's next: The rest of the round is expected to close in the coming weeks, according to one source, though its terms are not known. OpenAI is also working with investment banks to raise money from wealthy individuals and retail investors, according to Bloomberg.