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News Report · The AI Index

OpenAI Raises $122B at an $852B Valuation

OpenAI has closed a $122 billion funding round at an $852 billion valuation — its largest to date and the largest private round in Silicon Valley history. Here is who put in the money, what is contingent, and what the round signals about an eventual IPO.

By The AI Index · Updated Jun 23, 2026 · 5 min read

The largest private round in Silicon Valley history

OpenAI has closed a $122 billion funding round at an $852 billion valuation, according to Bloomberg and OpenAI — the company’s largest financing to date and the largest private round ever assembled in Silicon Valley. The round closed at the end of March 2026, capping a stretch of escalating capital demands across the AI sector.

Who put in the money — and what is contingent

The round was anchored by three lead investors, per Bloomberg: Amazon committed $50 billion, of which roughly $35 billion is contingent on OpenAI either going public by 2028 or reaching artificial general intelligence; Nvidia committed $30 billion; and SoftBank committed $30 billion. Notably, OpenAI also raised about $3 billion from retail investors despite not being a publicly listed company.

“Roughly $35 billion of Amazon’s $50 billion commitment is contingent on OpenAI going public by 2028 or reaching AGI — a clause widely read as setting an IPO clock.”

The business metrics OpenAI cited

To support the valuation, OpenAI cited a set of business metrics, reported by Bloomberg: roughly $2 billion in monthly revenue, more than 900 million weekly active ChatGPT users, and enterprise customers making up over 40% of revenue. Together those figures frame the company’s pitch that consumer scale and enterprise monetization are advancing in parallel.

The IPO clock and the “AI superapp”

OpenAI says the new capital will fund expanded compute infrastructure, multi-cloud and chip partnerships, and a unified “AI superapp” combining ChatGPT, Codex and agentic capabilities. The Amazon contingency — tied to a public listing by 2028 — is widely read as setting an IPO timeline around 2027, putting a markets-facing deadline on a company that has so far stayed private.

Frequently asked

How much did OpenAI raise and at what valuation?

OpenAI closed a $122 billion funding round at an $852 billion valuation. It is the company’s largest round to date and the largest private round in Silicon Valley history, per Bloomberg and OpenAI.

Who were the lead investors?

Amazon committed $50 billion (with roughly $35 billion contingent on OpenAI going public by 2028 or reaching AGI), Nvidia committed $30 billion, and SoftBank committed $30 billion, according to Bloomberg. OpenAI also raised about $3 billion from retail investors.

What will OpenAI do with the money?

OpenAI says the funds will go toward expanded compute infrastructure, multi-cloud and chip partnerships, and a unified “AI superapp” combining ChatGPT, Codex and agentic capabilities.

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