OpenAI raises $122 billion at $852 billion valuation

OpenAI has closed a deal to raise $122 billion at an $852 billion valuation. The massive funding round, which comes as the company is expected to hit the public markets this year, was co-led by a group of institutional investors:

• SoftBank
• Andreessen Horowitz
• D.E. Shaw Ventures
• MGX
• TPG
• T. Rowe Price Associates

Other participants in the round included Amazon, Nvidia, and Microsoft. Individual investors also contributed $3 billion to the round through bank channels, and the company will be included in several exchange-traded funds (ETFs) managed by ARK Invest.

The company is reporting rapid financial growth alongside the capital raise. OpenAI claims it is generating $2 billion in revenue per month. In its announcement, the company took aim at its competitors, stating: “At this stage, we are growing revenue four times faster than the companies who defined the Internet and mobile eras, including Alphabet and Meta.”

OpenAI also reported that it has more than 900 million weekly active users and over 50 million subscribers, with search usage nearly tripling in the last year. The business side of the company now accounts for 40% of its total revenue, up from around 30% last year, and is on track to reach parity with consumer revenue by the end of 2026. According to the company, growth across agentic workflows—which are AI systems capable of executing tasks autonomously—is driven by its GPT-5.4 model.

Beyond the equity funding, OpenAI expanded its revolving credit facility—a line of credit that can be drawn, repaid, and redrawn—to about $4.7 billion, backed by several top global banks. The company’s financial disclosures read similarly to an S-1, the SEC registration form for new securities typically used for initial public offerings (IPOs). Among these disclosures is an ads pilot that has brought in more than $100 million in annual recurring revenue in under six weeks. OpenAI now characterizes itself as an “AI superapp,” which it defines as a single application platform integrating multiple AI services, signaling its intent to own the primary interface for AI utility.

Why it matters

OpenAI is building its public market narrative in real time. This massive funding round is as much about anchoring IPO expectations ahead of its expected public debut as it is about securing the capital itself.