San FranciscoOpenAI banked $11 billion of a round once planned at $30 billion.

Prospective investors in Anthropic’s stock market listing cut its valuation range to $1.2-1.3 trillion from $1.4-1.5 trillion.

People familiar with the deal say OpenAI shrank its round to at most $20 billion after AI stocks fell.

Anthropic still plans to list before US Thanksgiving, raising $80 billion to $100 billion.

How each outlet framed it
Zhidx
links the $11B first tranche to OpenAI's IPO delay and to Anthropic's falling IPO valuation and debt-rating risk

Sources: Zhidx