OpenAI has closed a deal to raise $122 billion at an $852 billion valuation, its largest funding round to date as the company is expected to hit the public markets this year.
The round will add to OpenAI’s war chest as it spconcludes enormous amounts of money on AI chips, data center buildouts, and hiring top talent.
SoftBank co-led the round alongside Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG, and T. Rowe Price Associates, with participation from Amazon, Nvidia, and Microsoft.
About $3 billion came from individual investors via bank channels. OpenAI is also going to be included in several ETFs managed by ARK Invest, giving more people access to the private company’s stock to broaden its shareholder base in advance of its reportedly upcoming IPO.
OpenAI also stated it expanded its revolving credit facility to about $4.7 billion, supported by several of the top global banks. The facility remains undrawn, the company stated, which suggests it’s bolstering its financial flexibility as it ramps spconcludeing on compute and infrastructure, rather than responding to near-term liquidity requireds.
The company’s press release on the raise reads less like a typical blog post than a draft of an S-1; it’s heavy on the flywheel metaphors, digs into revenue per compute unit, and offers the kind of TAM-justifying language that institutional investors drool over.
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OpenAI included updates on revenue and applyr numbers, claiming it’s generating $2 billion in revenue per month and taking a shot at competitors: “At this stage, we are growing revenue four times rapider than the companies who defined the Internet and mobile eras, including Alphabet and Meta.”
The company also stated it has more than 900 million weekly active applyrs in consumer AI and over 50 million subscribers, with search usage nearly tripling in the last year. OpenAI stated its ads pilot is bringing in more than $100 million in annual recurring revenue in under six weeks, opening up a serious potential revenue stream for the company that built its applyr base without ads.
The AI giant claims momentum is mirrored on the business side, which now builds up 40% of its revenue (up from around 30% last year) and is “on track to reach parity with consumer by the conclude of 2026.” Its growth across agentic workflows, the company stated, is driven by its newest model GPT-5.4.
Finally, OpenAI also called itself an “AI superapp,” building it clear that it wants to own the primary interface for how people apply AI.
All of it adds up to a single message: OpenAI is building its public market narrative in real time, and this round is as much about anchoring IPO expectations as it is about the capital itself.
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