The valuation in OpenAI’s latest funding talks has slipped by $150 billion. The ChatGPT maker is now discussing a price of $1.25 trillion for a round of about $30 billion, down from the $1.4 trillion talked about earlier, Bloomberg reported , citing people involved who said details could still change.

CNBC, which reported the $1.25 trillion figure first on Thursday afternoon, said it is a pre-money number that doesn’t count the new cash. Investors from the United Arab Emirates are leading with Coatue, and the deal is being positioned as an “opportunistic” bridge ahead of a public offering, CNBC said , citing people familiar with the deal. Those people said OpenAI told investors Thursday it is aiming for signatures by the end of next week, though the final size of the round is still being worked out.

Bloomberg’s version is a little less settled. It said Coatue is in talks to co-lead, and that OpenAI has also talked with several UAE funds and other firms, BlackRock among them.…