OpenAI nears $100B+ funding from tech giants

OpenAI is close to completing the first phase of a new funding round that is expected to raise more than $100 billion, according to people familiar with the process cited in reporting. The transaction would be one of the largest private financings on record for a technology company and is intended to give the ChatGPT maker additional capital to build out its artificial intelligence tools.

The round is being structured in stages. The company’s pre-money valuation is expected to remain at $730 billion, while the overall valuation, including new capital, could exceed $850 billion based on current discussions. That figure is above the $830 billion valuation that had initially been anticipated, the reports said.

OpenAI plans to deploy the new capital into what sources described as “trillions” in future infrastructure investment, underscoring the scale of spending required for advanced AI research, model training and deployment. Representatives for OpenAI did not comment on the ongoing talks.

The first portion of the funding is expected to come largely from strategic corporate investors. Companies that have been in discussions include Amazon.com, SoftBank Group, Nvidia and Microsoft, according to people cited in the article. If these firms commit near the high end of the ranges under discussion, their combined investments would approach $100 billion.

Previous reporting indicated that Amazon is expected to invest up to $50 billion, SoftBank as much as $30 billion and Nvidia around $20 billion. The corporate capital is expected to be provided in several tranches over the course of 2026, rather than as a single upfront payment, the people said.

A second phase of the deal, involving venture capital firms, sovereign wealth funds and other financial investors, is planned to close later and could take total fundraising substantially higher, though specific amounts have not yet been determined, according to the same sources.

Alongside the equity commitments, the financing is tied to expanded commercial relationships. As part of its partnership with Amazon, OpenAI is expected to increase its use of Amazon’s custom chips and cloud computing services, one person familiar with the matter said.

Nvidia’s potential participation would cement its role supplying AI accelerators to OpenAI, while Microsoft remains a key strategic partner and infrastructure provider. SoftBank’s contemplated stake would align with its broader focus on AI-related investments through both its balance sheet and affiliates.

The deal has not been finalized and terms, including final allocations and valuations, could still change, the people involved cautioned. However, the parties are working toward agreeing allocations from the strategic investors by the end of February 2026.

Maintaining a $730 billion pre-money valuation while potentially lifting the post-money figure above $850 billion indicates that OpenAI is seeking to balance dilution with securing enough capital for long-term infrastructure needs. The structure also allows different classes of investors to participate at various stages.

OpenAI and its advisers are assembling what amounts to a broad consortium of technology platforms, chip suppliers and financial sponsors around its next phase of growth. For the investors, the transaction offers exposure to one of the leading AI developers as demand for generative AI models and services continues to build.

With the first stage of the round expected to close in the near term and the follow-on tranche targeted for later in the year, OpenAI is positioning its balance sheet to support multiyear spending plans that include data centers, specialized hardware and cloud capacity at global scale.