OpenAI has finalized an agreement to secure $122 billion at a valuation of $852 billion, marking its most significant funding round to date as the firm prepares to enter public markets this year.
This round will enhance OpenAI’s financial resources as it allocates substantial funds towards AI chips, construction of data centers, and recruitment of top-tier talent.
SoftBank co-led the round with Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG, and T. Rowe Price Associates, with contributions from Amazon, Nvidia, and Microsoft.
Approximately $3 billion was sourced from individual investors through bank channels. OpenAI will also feature in various ETFs managed by ARK Invest, providing wider access to its stock and expanding its shareholder base ahead of its anticipated IPO.
OpenAI mentioned that it has increased its revolving credit facility to about $4.7 billion, backed by several leading global banks. The company indicated that the facility remains undrawn, suggesting it is enhancing its financial flexibility as it increases spending on compute and infrastructure, rather than addressing immediate liquidity requirements.
The press release regarding the funding reads more like a preliminary S-1 draft than a traditional blog post; it is rich in flywheel metaphors, delves into revenue per compute unit, and includes the kind of TAM-justifying rhetoric that captivates institutional investors.
OpenAI provided updates on its revenue and user metrics, asserting it is generating $2 billion monthly and taking aim at rivals: “Currently, we are increasing revenue at four times the rate of the companies that pioneered the Internet and mobile eras, such as Alphabet and Meta.”
The firm also reported having over 900 million weekly active users in consumer AI and more than 50 million subscribers, with search usage nearly tripling within the past year. OpenAI noted that its ads pilot is yielding over $100 million in annual recurring revenue in less than six weeks, presenting a significant potential revenue avenue for a company that established its user base without advertising.
The AI powerhouse claims that business momentum is reflected in its operations, now accounting for 40% of its revenue (up from roughly 30% last year) and is “on track to match consumer by the end of 2026.” The company attributed its growth in agentic workflows to its latest model, GPT-5.4.
In conclusion, OpenAI referred to itself as an “AI superapp,” clearly indicating its ambition to dominate the main interface through which people interact with AI.
Overall, this conveys a single message: OpenAI is actively crafting its public market story, and this funding round is as much about solidifying IPO expectations as it is about securing capital.