OpenAI has reportedly raised $11 billion so far in a new funding round that values the AI lab at $1.25 trillion.

Bloomberg reported on the new funding on Friday, citing sources familiar with the matter. The $11 billion is part of a larger funding round that hasn’t closed yet, according to the outlet. The round is expected to close in the coming weeks and could total about $20 billion, a source told Bloomberg.

In late September, Bloomberg reported that OpenAI was looking to raise $30 billion in the upcoming round. The current figures fall well short of that target.

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

The news comes 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. Bloomberg writes that some potential buyers believe Anthropic’s valuation could be as low as $1.1 trillion, compared with the $2 trillion that investors were said to be expecting roughly a month ago.

OpenAI previously intimated that it would go public this year but subsequently delayed its plans. There are expectations that the company will IPO next year at some point.

The market for AI 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 in the future.