OpenAI’s latest funding round isn’t quite living up to expectations, according to multiple news reports.

OpenAI was previously reported to be raising $30 billion at a $1.4 trillion valuation, and then at a $1.25 trillion valuation, ahead of a planned IPO. But The Financial Times reported Friday that the company has subsequently lowered its funding target to $20 billion, with a first close that’s expected to be even lower than that.

The round will be led by a group of investors from the United Arab Emirates, the FT said. A subsequent retail offering for wealthy individuals could bring the total funding amount to the $20 billion target.

A follow-up story in The Wall Street Journal offered more details, namely that the company has secured $11 billion so far, and that its fundraising efforts had met with a “tepid” response from some large investors.

TechCrunch has reached out to OpenAI for comment. The company’s reported funding challenges could be blamed, in part, on bad timing, as Wall Street investors have become wary of heavy AI infrastructure spending, leading to a major sell off of tech stocks. And Anthropic’s planned IPO could be facing challenges, too.