OpenAI $122B Raise: Investors, Valuation, and Plans for the Capital

The round built on a $110 billion commitment announced Feb. 27, 2026, which carried a $730 billion pre-money valuation. The round remained open after that initial close, and CFO Sarah Friar confirmed on CNBC on March 24 that an additional $10 billion to $12 billion had come in. The final tally exceeded the $100 billion target OpenAI had discussed since early in the year.

Amazon anchored the round with $50 billion, which includes an expanded cloud agreement worth an additional $100 billion over eight years. Nvidia contributed $30 billion alongside a deepened compute partnership. Softbank co-led with another $30 billion. Microsoft, a long-term partner, continued its participation.

Co-leads and major financial investors included A16z, D.E. Shaw Ventures, MGX of Abu Dhabi, TPG, and accounts advised by T. Rowe Price Associates. Broader institutional participation came from Altimeter, Appaloosa LP, Ark Invest, affiliated funds of Blackrock and Blackstone, Coatue, Fidelity Management & Research, Sequoia Capital, Thrive Capital, Temasek, and UC Investments, among others.

OpenAI also raised more than $3 billion through bank channels for individual investors, a first for the company. The firm expanded its revolving credit facility to roughly $4.7 billion, backed by a global syndicate that includes JPMorgan Chase, Goldman Sachs, Citigroup, Morgan Stanley, Wells Fargo, and several international banks. ARK Invest will include OpenAI in several ETFs.

The capital is directed toward compute infrastructure, model development, and product expansion. OpenAI describes its growth model as a flywheel: compute enables better models, which drive product adoption, which generates revenue for reinvestment. The company is diversifying its compute base across Microsoft, Oracle, AWS, Coreweave, and Google Cloud, and it is developing its own chip in partnership with Broadcom.

On the product side, OpenAI is building what it calls a “unified AI superapp” that combines ChatGPT, Codex, browsing, and agentic tools. Codex, now positioned as a flagship coding agent, reached 2 million weekly users in recent months, with 70% month-over-month growth. The company’s ads pilot crossed $100 million in annualized revenue within six weeks of launch.

ChatGPT has more than 900 million weekly active users and over 50 million paid subscribers. OpenAI reports $2 billion in monthly revenue, with enterprise customers accounting for more than 40% of that figure. APIs process more than 15 billion tokens per minute.

The raise follows a $40 billion round completed in 2025 and reflects a shift from OpenAI’s research origins to an infrastructure and commercial operation at scale. The company compared the capital investment to building electricity grids or highway systems.

The funding broadens OpenAI’s ownership base at a time when an IPO is widely expected, with 2026 previously named as a possible target year. The company’s nonprofit stake is now valued at more than $180 billion.

No major contingencies or structural concerns were flagged in the official announcement. OpenAI described the investor base as representing “deep conviction across global capital,” spanning technology companies, sovereign-linked funds, traditional venture capital, and large institutional asset managers.

For individual investors and developers, the round opens new access points through ETFs and bank channels. For OpenAI’s partners, it deepens existing commitments and extends multi-year agreements already in place.

The company says the next phase of its work focuses on AGI development and on broadening the benefits of AI to health, science, and commerce.

FAQ 🔎

• What is OpenAI’s current valuation? OpenAI closed its latest funding round on March 31, 2026, at a post-money valuation of $852 billion.
• Who invested in OpenAI’s $122 billion round? Key investors include Amazon ($50B), Nvidia ($30B), Softbank ($30B), Microsoft, A16z, Sequoia Capital, Thrive Capital, Fidelity, and dozens of other institutions.
• What will OpenAI do with the $122 billion? The company plans to invest in compute infrastructure, chip development, model research, and product expansion including a unified AI superapp.
• Can individual investors access OpenAI stock? OpenAI raised over $3 billion through bank channels for individual investors and will be included in Ark Invest ETFs, offering broader public-market-style access.

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