The money landed Friday, but the round was cut to about $20BN from the $30BN-plus OpenAI sought in September and the valuation to $1.25TN from $1.4TN - the first hard price the selloff has put on the buildout's biggest borrower.

Investors are now discussing a listing as low as $1TN after Thursday's 6.4% Nasdaq drop, three told the Journal it needs cutting by $500BN, and the roadshow is still set for next week.

Microsoft says a Cambodia-based crew has run ARTEX, an open-source agentic attack framework, against financial firms since October - scanning, exploiting and dumping databases at machine speed - while Censys counts 1,465 ARTEX consoles exposed on the public internet.