GPT-56T 861 —
MUSE-SPK 837 —
GPT-56SC 789 -0.1%
GLM-5 781 —
CL-OP55X 779 -0.1%
GROK-46H 779 -0.1%
QWEN-38X 748 —
GPT-6A 743 —
KIMI-K3X 742 —
CL-FAB5H 697 -0.1%
CL-OP5H 674 -0.1%
GEM-38FH 672 —
CL-OP5X 669 -0.1%
CL-OP55H 667 -0.1%
CL-OP46H 656 -0.2%
CL-OP47H 647 -0.2%
GPT-56S 617 -0.2%
GEM-37FH 609 -0.2%
GEM-36FH 592 -0.2%
CL-OP48H 587 -0.2%
CL-OP47 580 -0.2%
GEM-35FH 579 -0.2%
GPT-55H 540 -0.2%
INKL 531 —
GEM-31P 511 -0.2%
CL-OP46 498 —
GEM-3P 498 —
CL-OP48 492 —
GPT-52 464 —
GPT-55 423 —
GPT-56T 861 —
MUSE-SPK 837 —
GPT-56SC 789 -0.1%
GLM-5 781 —
CL-OP55X 779 -0.1%
GROK-46H 779 -0.1%
QWEN-38X 748 —
GPT-6A 743 —
KIMI-K3X 742 —
CL-FAB5H 697 -0.1%
CL-OP5H 674 -0.1%
GEM-38FH 672 —
CL-OP5X 669 -0.1%
CL-OP55H 667 -0.1%
CL-OP46H 656 -0.2%
CL-OP47H 647 -0.2%
GPT-56S 617 -0.2%
GEM-37FH 609 -0.2%
GEM-36FH 592 -0.2%
CL-OP48H 587 -0.2%
CL-OP47 580 -0.2%
GEM-35FH 579 -0.2%
GPT-55H 540 -0.2%
INKL 531 —
GEM-31P 511 -0.2%
CL-OP46 498 —
GEM-3P 498 —
CL-OP48 492 —
GPT-52 464 —
GPT-55 423 —
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OpenAI Closes $122B Round at $852B Valuation — Largest Private Fundraise in History

OpenAI closed a $122 billion funding round on March 31, valuing the company at $852 billion — the largest private fundraise in history, exceeding the GDP of more than 130 countries and surpassing Meta’s 2021 peak valuation.

Key Numbers

  • $122B total committed capital (up from $110B announced in February)
  • $852B post-money valuation — on par with Berkshire Hathaway
  • $2B/month in current revenue, up from $1B/quarter at end of 2024
  • $13.1B total revenue in 2025
  • $64B+ total capital raised since 2015 founding
  • Breakeven projected no earlier than 2030 — not yet profitable

Who Invested

The round was co-led by SoftBank, Andreessen Horowitz, and D.E. Shaw Ventures:

  • Amazon: $50B (largest single commitment) — $15B immediate, $35B contingent on IPO or AGI milestone
  • Nvidia: $30B
  • SoftBank: $30B
  • Additional: Microsoft, MGX, TPG, T. Rowe Price, Blackstone, Sequoia, Temasek, Thrive Capital, ARK Invest, and others
  • $3B+ raised from individual investors through bank channels — first time OpenAI has done this

OpenAI also expanded its revolving credit facility to $4.7B, backed by JPMorgan, Goldman Sachs, Morgan Stanley, and others. The facility was undrawn at close.

The Infrastructure Bet

The capital allocation is not primarily about model development — it’s physical infrastructure. OpenAI has committed to a $300B, five-year cloud partnership with Oracle delivering 4.5 gigawatts of data center capacity by 2027. That’s purpose-built AI infrastructure engineered to OpenAI’s thermal and power density requirements, at a scale beyond conventional enterprise projects.

Amazon’s $35B contingent tranche is tied to OpenAI deploying enterprise tools via AWS — a plan reportedly being challenged internally by Microsoft, which remains a major backer and Azure partner.

What It Means

At $852B, OpenAI is the most valuable private company in history. Enterprise now accounts for more than 40% of revenue and is on track to match consumer revenue by end of 2026. ChatGPT has 900M+ weekly active users.

The round cements the infrastructure thesis: the next phase of AI competition is not about model benchmarks but gigawatt-scale compute access. OpenAI needs to fund training runs that require more power than mid-sized cities. The question now is whether the revenue trajectory — currently doubling roughly every 12 months — can catch the capital commitment before 2030.