OpenAI closed a $122 billion private financing at a post-money valuation of roughly $852 billion, according to the research audit underpinning this report — the largest private funding round in venture capital history by a wide margin.

The round was anchored by an extraordinary syndicate: Amazon, Nvidia, and SoftBank alongside Microsoft, Andreessen Horowitz, and sovereign wealth vehicles including Abu Dhabi's MGX. The scale reflected the capital intensity of frontier development — OpenAI had generated about $13.1 billion in 2025 revenue while posting a net loss of roughly $34 billion, driven by compute, R&D, and go-to-market spend.

The financing underscored how foundation-model labs had outgrown the traditional venture model entirely. No conventional fund could anchor a round of this size; only hyperscalers and nation-state capital could.

It also raised the stakes of the AI bet to a level with few precedents. At $852 billion, OpenAI was priced like a public mega-cap while still burning tens of billions a year — a wager that AGI-scale returns would eventually justify the number.