TechCrunch, citing Bloomberg, reports the $11 billion figure. A source told Bloomberg the full round could reach roughly $20 billion before it closes.

In late September, Bloomberg reported OpenAI was looking to raise $30 billion. That was a target, not a commitment, and the current figures fall well short of it.

The gap between $20 billion and $30 billion is not a rounding error. It is the difference between a round that is assembling and one still being negotiated.

OpenAI's About page confirms the nonprofit-for-profit structure. It says nothing about capital.

The report does not name the investors in the $11 billion tranche, does not state whether the $1.25 trillion figure is pre-money or post-money, and does not confirm a closing date.

The $1.25 trillion valuation rests on a single wire source with no confirmation from OpenAI's own pages.

The draft buries the structural uncertainty under a flat recap of numbers. This version leads with the valuation as the anchor fact, lets the $30 billion September target do the work of showing the round is still in motion, and keeps the OpenAI About page as a quiet counterweight that confirms structure but stays silent on capital. The rhythm shifts from a single explanatory paragraph to a series of short, pointed beats that let the gaps speak for themselves.