OpenAI has reportedly raised $11 billion so far in a new funding round that values the AI lab at $1.25 trillion - a number so large it has officially graduated from "eye-watering" to "just sort of Tuesday."

Bloomberg reported the funding on Friday, citing sources familiar with the matter. The $11 billion is part of a larger round that hasn't closed yet and is expected to wrap in the coming weeks, potentially totaling about $20 billion. In late September, Bloomberg reported OpenAI was aiming to raise $30 billion in the round. The current figures fall well short of that target, which is the venture capital equivalent of ordering the tasting menu and settling for the soup.

TechCrunch has reached out to OpenAI for comment and will update this story if it responds.

The news landed only hours after Bloomberg also reported that potential buyers of shares in the IPO of OpenAI's chief competitor, Anthropic, are eyeing a substantially lower valuation than Anthropic had targeted - possibly as low as $1.1 trillion, compared with the $2 trillion investors were said to be expecting roughly a month ago. Nothing says "confident in the future" like a trillion-dollar haircut in four weeks.

OpenAI previously intimated it would go public this year but subsequently delayed its plans. There are now expectations the company will IPO next year at some point, presumably once the vibes improve.

The AI market, meanwhile, hangs in a particularly precarious place. The Democratic landslide in the U.S. midterms - and overwhelmingly negative voter sentiment around data centers - has caused jitters throughout the market, with many anticipating potential regulatory challenges ahead. Nothing spooks investors quite like democracy doing its thing.