Just a year ago we broke the same news: OpenAI had broken the record for the largest financing round in the history of Silicon Valley. Then it was $40 billion, which raised the startup’s valuation to $300 billion. The curious thing is that today, a year later, history repeats itself, but with much (very much) higher numbers and also more doubts flying over the environment.
Add and continue. OpenAI has broken the record again of Silicon Valley’s largest financing round, raising no less than $122 billion, which places its “post-money” valuation at $852 billion. OpenAI claims that this investment will allow them to expand their computing capacity and thus be able to sustain the development of their frontier models.
Why it is important. OpenAI is the most valuable private company in the world, ahead of giants such as JP Morgan, Samsung or Visa. There are only 14 companies listed on the stock market that exceed their valuation, but they have also tripled it in just one year. All this happens in the shadow of a possible bubblewith many doubts about your business strategy and, above all, IPO on the horizon nearby.
Who puts the money. Already They confirmed it a few days ago: Of the 122,000 million, NVIDIA, SoftBank and Amazon have contributed 110,000. The person who has contributed the most has been Amazon, which has put 50,000 million in OpenAI’s pocket. For their part, NVIDIA and SoftBank have contributed 30 billion each. The absence of Microsoft is striking, especially since they were expected to contribute “several billion more.”
The remaining 12 billion come from venture capital firms in Silicon Valley and Wall Street. Of these, at least 3,000 million have been raised from individual investors through banks.
An act of faith. OpenAI enters 2,000 million dollars per month, is a ridiculous figure compared to all the money that burns. Furthermore, we must not lose sight of the fact that those who are investing the most in the company are the ones who later charge it for using its chips (NVIDIA) and its data centers (Amazon). This circular financing scheme has not gone unnoticed and It is very reminiscent of another bubble from a while ago. Despite everything, investors seem to still have faith in OpenAI’s business model.
Refocusing. OpenAI receives this round of funding amid its efforts to reorient its business model. After 2025 in which They have shot at everything that movedit seems that they have finally realized that AI is not won through memes. One of the most forceful steps in its new direction is Sora’s closurebut also They prepare a super app and They plan to double their staff. The underlying reason is that Anthropic is eating their toast in a field that is less viralizable, but much more profitable: business clients. We will see if this new OpenAI can be profitable.
Image | Own edition with background Unsplash
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