Feature · AI funding squeeze

Why did OpenAI raise only $11 billion of $30 billion? Eight numbers on the AI funding squeeze

"Lenders increasingly demand proof that investment can generate enough revenue. The weak links will struggle first," Pimco CIO Dan Ivascyn told the Wall Street Journal. On Oct. 31, OpenAI was reported to have commitments for less than half its target, and Lambda, Enscale and CoreWeave faced the same wall. Eight numbers from Yonhap and Newsis's coverage of the WSJ report and a YouTube reaction. Figures are as cited by Korean outlets.

1. $30 billion target, $11 billion committed

   Per Yonhap, OpenAI has about $11 billion (14.7 trillion won) in commitments against a $30 billion target. The WSJ said some large investors were cooler than expected.

2. $1.25 trillion valuation vs. $1.4 trillion hoped

   The round values OpenAI at about $1.25 trillion, $150 billion below its hope. Yonhap read the market backdrop, a tech selloff after earnings, as a factor.

3. Target cut to as low as $20 billion

   The overall goal was reportedly cut from $30 billion to as low as $20 billion. OpenAI told shareholders it will court wealthy individuals and family offices for weeks, as an IPO as early as early next year is floated.

4. Q2 revenue: Anthropic $11.6B, OpenAI $6.7B

   Per the WSJ, Anthropic's Q2 revenue more than doubled quarter on quarter to $11.6 billion; OpenAI's grew about 18% to $6.7 billion. Anthropic posted a small operating profit; OpenAI's loss widened. Anthropic may list as early as next month.

5. Lambda cuts valuation target from $14.5B to $13B

   Lambda trimmed its target valuation while raising $4 billion before its IPO. Newsis cited sources saying some investors, including Coatue, chose not to take part.

6. Enscale leans toward December listing

   UK AI cloud provider Enscale had planned a November listing but is leaning toward December. Some underwriters doubt demand supports its $30-35 billion target valuation. It is negotiating financing with Nvidia and others for a $45 billion West Virginia data center for Anthropic.

7. Bond market closing: CoreWeave yield above 15%

   The WSJ said neocloud firms such as CoreWeave, Nebius and Enscale can barely issue new bonds. CoreWeave's 9.75% coupon bond now yields above 15% in the secondary market. US AI-related borrowing hit $655 billion by mid-October versus $394 billion for all of last year, and may near $1 trillion next year. The Fed raised rates in September for the first time in three years.

8. Counterpoint and reaction: "too big to rescue"

   Nebius COO Ophir Nave said the asset-backed financing market remains available. A YouTube video by The Infographics Show passed 60,000 views; its description claims OpenAI had over $13 billion in 2025 revenue against about $34 billion in costs (the channel's claim, unverified). A comment saying "prepare for 'too big to rescue'" drew 13 likes.