OpenAI completes $122 billion funding round, valuation reaches $852 billion

OpenAI has completed a round of fundraising, raising $122 billion from investors at an $852 billion valuation. This is the largest funding round the company has had to date, and will support its heavy spending on chips, data centers, and talent.

The funding round lasted for several months, largely coming from three major technology companies. Among them, Amazon agreed to invest $50 billion, while Nvidia and SoftBank Group will invest $30 billion each. A large portion of Amazon’s investment—$35 billion—is subject to conditions tied to OpenAI’s listing or reaching technical milestones for general artificial intelligence (AGI).

The ChatGPT developer also received funding from numerous other prominent backers, including Andreessen Horowitz, MGX of Abu Dhabi, D.E. Shaw Ventures, TPG, and Pluris. The company’s valuation already includes the amount from this fundraising.

For the first time, OpenAI raised more than $3 billion from individual investors through bank channels. The startup also said it will be included in multiple exchange-traded funds (ETFs) managed by Cathie Wood’s Ark Invest, so more investors can gain exposure to the company.

OpenAI Chief Financial Officer Sarah Friar said the funding round “even makes the largest IPO in history seem small by comparison.” She said that amid uncertainty in public markets, including the war in Iran, the deal is intended to give the company “significant flexibility” to invest in compute resources and its artificial intelligence development roadmap.

Friar said OpenAI needs to be “able to become a public company,” adding that this is a “sound standard of corporate governance,” but she did not disclose details of any initial public offering (IPO) plan. She also said that an IPO can be a key moment for a company to build trust.

OpenAI said Tuesday that its monthly revenue is currently about $2 billion. The company first became widely known for products aimed at general users, and it has now also made progress in serving enterprise customers. The company said revenue from its enterprise business currently accounts for 40% of total revenue and is expected to rise to 50% by the end of this year.

Amazon’s funding commitment also comes with a cloud services agreement, responsible for hosting and distributing OpenAI’s models to enterprise customers. Friar said the partnership includes revenue-sharing arrangements, but did not disclose specific amounts.

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