OpenAI Closes About $11B Tranche at Roughly $1.25T Valuation

OpenAI has closed about \$11 billion as the first tranche of a round valuing it around \$1.25 trillion, with cash already in; more capital (up to ~\$20B including local-government pots, per reports) may follow in weeks. Investors cited include SoftBank, Sequoia, Founders Fund, a16z and T. Rowe Price. Track: AI Investment.