OpenAI closed $110 billion at a $730 billion pre-money valuation, shattering its own record from March 2025 when it raised $40 billion at $300 billion.
The investor breakdown tells a supply chain story. Amazon committed $50 billion ($15 billion upfront, $35 billion conditional on milestones including a potential AGI achievement or IPO). Nvidia put in $30 billion. SoftBank matched at $30 billion. The round remains open, with an additional $10 billion reportedly under discussion with sovereign wealth funds. Microsoft, OpenAI’s largest existing backer, did not participate, citing a joint strategic decision both companies confirmed publicly.
The numbers that sit behind the raise matter more than the headline figure. OpenAI reported 900 million weekly active users, 50 million consumer subscribers, and 9 million paying business users. Codex usage tripled since the start of the year to 1.6 million weekly users. The company has outlined roughly $600 billion in compute spending through 2030, including a 2GW minimum AWS Trainium commitment and 3GW of Nvidia Vera Rubin systems for inference.
Here’s the tension worth watching. Three of OpenAI’s largest investors are also its largest infrastructure suppliers. Amazon provides compute. Nvidia provides chips. That capital flows in a circle: investors fund OpenAI, OpenAI spends the money buying services from those same investors. Whether that represents rational market-building or speculative excess depends entirely on whether $280 billion in projected 2030 revenue materializes.
The round closed on the same day public markets sold off on AI spending anxiety. Private conviction and public skepticism are running in opposite directions.