---
title: "$122 billion, OpenAI's latest round of financing is not a lie"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281294754.md"
description: "OpenAI has completed a $122 billion financing round, setting a record for the largest scale in history, with a post-money valuation reaching $852 billion. The main investors in this financing include Amazon ($50 billion), NVIDIA ($30 billion), and SoftBank ($30 billion). Amazon's investment comes with conditions to ensure future collaboration with OpenAI's cloud services. This financing is seen as OpenAI's last large-scale fundraising before its IPO, with the timeline for going public becoming increasingly clear"
datetime: "2026-04-01T03:15:19.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281294754.md)
  - [en](https://longbridge.com/en/news/281294754.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281294754.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/281294754.md) | [繁體中文](https://longbridge.com/zh-HK/news/281294754.md)


# $122 billion, OpenAI's latest round of financing is not a lie

The signals conveyed by OpenAI are pointing to one thing: anchoring expectations with capital structure, telling the story with product strategy, and proving implementation with business data.

Just now, OpenAI officially announced the completion of the largest financing round in history, with a single round financing amount reaching $122 billion, and the post-investment valuation soaring to $852 billion, just a step away from a trillion-dollar valuation.

It is worth noting that when news of this financing round first emerged in February this year, the promised amount was only $110 billion, but ultimately an additional $12 billion was added when the deal was finalized.

The outside world generally interprets this as OpenAI's last large-scale financing before its IPO at the end of the year, with the timeline for the listing becoming increasingly clear and imminent.

The three giants join forces to bet, retail investors get on board for the first time

The core funding for OpenAI's current financing round comes from Amazon, NVIDIA, and SoftBank, which invested $50 billion, $30 billion, and $30 billion respectively, contributing a total of $110 billion.

Amazon, as the largest investor in this round with an investment of $50 billion, set clear additional conditions for its investment: $15 billion will be directly credited in this round, while the remaining $35 billion will only be realized once OpenAI completes its IPO or achieves its defined AGI.

The underlying logic is not difficult to understand; Amazon's move is essentially "investment for binding." By injecting massive funds, it locks in OpenAI's long-term cloud service orders—OpenAI has committed to expanding its use of AWS cloud services, with an additional $10 billion cooperation quota over the next eight years. The funds will ultimately flow back to Amazon in the form of cloud service payments, forming a closed loop of "investment - consumption - return," while leveraging OpenAI's technological advantages to consolidate its competitiveness in the cloud computing field against Microsoft's ecological advantages.

NVIDIA's investment of $30 billion continues its "chip + investment" binding model. As OpenAI's core GPU supplier, NVIDIA has already signed a multi-billion dollar cooperation agreement with OpenAI. This additional investment, on one hand, locks in GPU procurement orders for the coming years, ensuring a stable core customer for high-end AI chips;

On the other hand, NVIDIA can also leverage OpenAI's model iterations to promote its own chip technology upgrades, further consolidating its monopoly position in the AI chip field. For NVIDIA, investing in OpenAI is investing in the future growth space of its chip business.

SoftBank, with an investment of $30 billion, has become the largest external financial investor, with a relatively pure layout logic, betting on OpenAI's listing returns. Unlike the strategic binding of Amazon and NVIDIA, SoftBank's investment focuses more on financial returns, and the funds will be paid in three phases, synchronized with OpenAI's R&D progress, which reduces investment risks while allowing for substantial exit returns after OpenAI's IPO.

In addition to the three large tech companies, this financing round has also attracted numerous top global institutions to co-invest, including tech giants, sovereign funds, and venture capital firms. Among them, Microsoft, as OpenAI's long-term partner, has not disclosed the specific investment amount, but as of the end of last year, its cumulative investment has exceeded $13 billion In terms of venture capital institutions, well-known firms such as Andreessen Horowitz (a16z), D.E. Shaw Ventures, Sequoia Capital, BlackRock, Blackstone, and Temasek have all followed suit.

The most groundbreaking change in this round of financing is that OpenAI has opened subscriptions to individual investors for the first time, raising over $3 billion through three banking channels, while being included in multiple ETFs managed by "Cathie Wood" ARK Invest, with its flagship product ARK Innovation ETF gaining approximately 3% exposure to OpenAI—this is the first time the fund has included private company equity in its holdings.

Corporate clients have become a new growth engine, with the product line going all-in on super applications.

Along with the financing announcement, OpenAI also released the latest revenue and user data: the company's monthly revenue has reached $2 billion, with total revenue for 2024 projected at $13.1 billion.

OpenAI's core revenue sources are supported by three main segments. First, the ChatGPT paid subscription service, which serves as its core revenue pillar, has accumulated over 50 million paid subscribers, with over 900 million active users weekly. OpenAI claims that ChatGPT's monthly web traffic and mobile session volume are six times that of the second-place competitor, and user engagement time is four times that of the second place, as well as four times that of all other AI applications combined.

Second, enterprise services, which currently account for over 40% of revenue, deeply bind various corporate clients through API licensing and customized model services. OpenAI states that revenue contribution from enterprise clients has exceeded 40%, and it is expected to equal consumer business by the end of the year. The API processes over 15 billion tokens per minute, with Codex having over 2 million weekly active users, growing fivefold in the past three months, with a month-on-month growth rate exceeding 70%.

Third, in February of this year, the company began introducing advertisements to non-paying users. Although still in its early stages, annualized revenue has already surpassed $100 million, becoming an important supplement for future revenue growth.

At the same time, as model capabilities continue to improve, OpenAI believes that the bottleneck has shifted from intelligence itself to usability. Users no longer need isolated tools but require a unified system that can understand intent and execute tasks across applications. To this end, OpenAI plans to integrate ChatGPT, Codex, browsing capabilities, and broader agent capabilities into a single platform to create a super application.

A unified interface can directly translate improvements in model capabilities into user adoption, and the usage habits of consumer products will naturally extend to enterprise scenarios, becoming the entry point for enterprise-level applications. Meanwhile, a single product interface can accelerate iteration speed, coordinate the rhythm of feature releases, and fully explore the value of agent workflows.

Ultimately forming a tightly integrated closed loop: infrastructure drives intelligence, intelligence drives agents, and products enable these agents to be deployed globally From hundreds of billions in financing to super applications, the signals conveyed by OpenAI all point to one thing: anchoring expectations with capital structure, clarifying the story with product strategy, and proving implementation with business data. When these three lines converge simultaneously, the bell for the IPO will not be far off

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