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.
Figures as of August 2026. Valuation is the most recent post-money round; run-rate is an annualized figure.
OpenAI's most recent post-money valuation is $852B, set by the $122B round that closed in March 2026. That is the figure most people are after when they search for its market cap. A true market cap only exists once a company's shares trade publicly, which won't happen until OpenAI's IPO.
Every disclosed round, newest first, with the post-money valuation it set.
| Round | Date | Raised | Post-money | Lead investors |
|---|---|---|---|---|
| March 2026 round | March 2026 | $122B | $852B | SoftBank, Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG |
| Recapitalization & tender | October 2025 | — | $500B | Thrive Capital, SoftBank |
| SoftBank-led round | March 2025 | $40B | $300B | SoftBank |
$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.
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 and trades on a higher revenue multiple.
| Company | Valuation | Revenue run-rate | Implied multiple | As of |
|---|---|---|---|---|
| OpenAI (this page) | $852B | $25B | ~34× | April 2026 |
| Anthropic | $965B | $47B | ~21× | May 2026 |
Sources: latest post-money rounds and Sacra reporting. Private valuations are set at funding events, not by a live market.
More on Anthropic's valuation, IPO, and how to invest is available at Anthropic Stock.