OpenAI has finalized a $122 billion funding round, achieving an $852 billion valuation, marking its largest to date as it anticipates going public this year.
The funding will bolster OpenAI’s financial resources as it heavily invests in AI chips, data center expansions, and acquiring top talent.
SoftBank led the round alongside Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG, and T. Rowe Price Associates, with participation from Amazon, Nvidia, and Microsoft.
Approximately $3 billion came from individual investors via bank channels. OpenAI will also feature in various ETFs managed by ARK Invest, broadening access to its private stock before its anticipated IPO.
OpenAI has expanded its revolving credit facility to about $4.7 billion, supported by major global banks. This remains undrawn, suggesting improved financial flexibility as spending on computing and infrastructure increases rather than addressing immediate liquidity requirements.
The company’s press release on the funding resembles an S-1 draft, filled with flywheel metaphors, revenue per compute unit insights, and investor-appealing TAM-justifying language.
OpenAI shared revenue and user statistics, asserting $2 billion in monthly revenue and outperforming competitors: “Currently, we are growing revenue four times faster than companies like Alphabet and Meta during their foundational eras.”
The company reports over 900 million weekly active users in consumer AI and 50 million subscribers, with search usage nearly tripling over the past year. Its advertising pilot is generating more than $100 million in annual recurring revenue in under six weeks, presenting a significant new revenue stream for a company that initially grew without ads.
Momentum continues on the business side, now contributing 40% of revenue (up from about 30% last year), aiming to reach parity with consumer revenue by the end of 2026. Growth in agentic workflows is driven by the latest model, GPT-5.4.
OpenAI describes itself as an “AI superapp,” aiming to dominate how people engage with AI.
Overall, the message is clear: OpenAI is actively crafting its public market story, with this funding round positioning as much for preparing IPO expectations as it is for acquiring capital.