OpenAI closes $122B round at an $852B valuation

OpenAI closed a $122 billion funding round at an $852 billion post-money valuation, the largest single private financing ever recorded.

Key points

• The round was co-led by SoftBank, with a16z, D.E. Shaw Ventures, MGX, TPG, and T. Rowe Price-advised accounts.
• Strategic partners Amazon, Nvidia, and Microsoft also participated.
• The $122B headline includes contingent commitments; at least $35B is tied to conditions.
• OpenAI also expanded its revolving credit facility to about $4.7B, undrawn at close.

How the commitments break down

The total resolves into several large pieces on different terms. Amazon committed $50 billion, structured as $15 billion now with $35 billion tied to a cloud agreement. Nvidia’s $30 billion came as equity, paired with a separate purchase of its systems. SoftBank’s $30 billion runs through a fund, subject to closing conditions. A broader pool of roughly $12 billion completed the round, including more than $3 billion reported from individual investors through bank channels.

Why it matters

The financing cements OpenAI as one of the most valuable companies in the world and gives it capital for an enormous compute build-out. It also sets the reference point for everything that followed, including the confidential IPO filing later in the year. On roughly $25 billion of annualized revenue, the valuation implies a multiple near 34 times, the figure investors will scrutinize most when audited financials finally appear.

See the full funding history and what the number implies in our valuation explainer.