OpenAI has closed ‌on new funding of $11 billion, the initial part of a round ​that values the company ​at $1.25 trillion, according to investment sources.

The $11 ​billion raised so far represents ​only a portion of OpenAI’s original target of up to $30 billion, while ​the company’s valuation has ​come down from the $1.5 trillion level it ‌had initially sought.

SoftBank and MGX participated in the funding.