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Startups & Venture·November 6, 2026·1 min read

Sources: OpenAI has closed on new funding of roughly $11B at a $1.25T valuation; the round could increase to as much as $20B in total

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A $1.25T valuation with $11B wired—and up to $20B in play—locks in that frontier model development is being financed like national infrastructure, not software. If you’re building on these stacks, assume rapid capability expansion and pricing power, and negotiate long-term alignment now while capital is still flowing aggressively.