After its $122B March 2026 round, OpenAI is valued at $852B post-money, the largest single private financing on record. Here's the full funding history and what's behind the number.
$122B raised · led by SoftBank, Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG
Co-led by SoftBank with a16z, D.E. Shaw Ventures, MGX, TPG, and T. Rowe Price-advised accounts. Strategic partners Amazon ($50B), NVIDIA ($30B), and Microsoft also participated. The largest single private financing on record; at least $35B of the headline figure is contingent.
Converted the for-profit into OpenAI Group PBC, controlled by the nonprofit OpenAI Foundation (which holds equity worth ~$130B). An employee tender offer let staff sell shares at a ~$500B valuation. Microsoft's stake was aligned to the new PBC structure at roughly 27%.
$40B raised · led by SoftBank
SoftBank led the then-largest private tech round, with participation from Microsoft, Coatue, Altimeter, and Thrive Capital.
Annualized run-rate revenue, the metric most often cited for OpenAI.
OpenAI's March 2026 round valued it at $852B on roughly $25B annualized revenue (~34x). Rival Anthropic later raised at a $965B mark on a higher run-rate, overtaking OpenAI's private valuation for the first time, though OpenAI remains the larger consumer business.