OpenAI raises $122B at $852B valuation ahead of IPO

OpenAI closed a $122 billion funding round at an $852 billion valuation, its largest to date, as it prepares for a likely initial public offering later this year. The round was co-led by SoftBank and included participation from Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG, T. Rowe Price Associates, Amazon, Nvidia and Microsoft. About $3 billion of the raise came from individual retail investors routed through bank channels.

The company said the proceeds will support spending on AI chips, data center construction and hiring engineering and research staff. OpenAI also expanded its revolving credit facility to roughly $4.7 billion; the facility remains undrawn, which the company said provides additional financial flexibility as it scales compute and infrastructure capacity.

OpenAI released operating metrics with the financing. The company reported roughly $2 billion in revenue per month, more than 900 million weekly active users across its consumer products and over 50 million subscribers. Search usage on its platforms nearly tripled over the past year. An advertising pilot produced more than $100 million in annualized recurring revenue in under six weeks, the company reported.

Enterprise customers now account for about 40% of total revenue, up from around 30% a year earlier, and business revenue is on track to match consumer revenue by the end of 2026, the company said. OpenAI attributed recent growth in agentic workflows and business adoption to its latest model, GPT-5.4.

The company said it will be included in several ARK Invest-managed ETFs to broaden its shareholder base ahead of a public listing. In the fundraising release OpenAI described itself as an “AI superapp” and stated it is “growing revenue four times faster than the companies who defined the Internet and mobile eras, including Alphabet and Meta.”

OpenAI characterized the financing as the largest round it has reported and said expanding access to private shares is part of its preparation for an IPO. The participation of strategic investors such as Nvidia, Amazon and Microsoft reflects the capital intensity of large-scale AI operations, the company noted.