OpenAI Raises $11 Billion, Well Short of Its $30 Billion Target
OpenAI, the company behind ChatGPT, raised only about $11 billion in its latest funding round, well short of the $30 billion it wanted. Its valuation came in at $1.25 trillion, below what was expected. Major investors appear to be pulling back amid a recent tech sell-off.
Quick glossaryOpenAI, valuation, tech sell-off
- OpenAI
- OpenAI is a San Francisco-based AI company best known for building ChatGPT, a chatbot that answers questions and writes text.
- valuation
- The estimated total worth of a company, based on what investors think it is currently worth.
- tech sell-off
- A sudden wave of selling in technology company shares, which pushes their prices down quickly.
Burning Potato score: 71%