OpenAI closes $122B round at $852B valuation — largest ever

OpenAI has closed $122 billion in its latest funding round, pushing its post-money valuation to $852 billion — the largest private fundraise in tech history.

SoftBank leads with a $30B equity stake (plus a separate $40B bridge loan), while Amazon committed up to $50B — though $35B of that is contingent on an IPO or AGI milestone. Nvidia's $30B is structured largely as dedicated GPU compute capacity rather than cash.

The round also marks the first time OpenAI opened participation to individual investors via bank channels, pulling in an additional $3B. The close follows OpenAI's conversion to a Delaware Public Benefit Corporation, with its nonprofit arm retaining a stake now valued above $180B.

Why it matters: At $852B, OpenAI is now within striking distance of being the most valuable company in the world — and this capital haul effectively locks in the compute and infrastructure runway needed to push toward AGI at scale.