OpenAI raises $122 billion and targets a $852 billion valuation

By closing the largest fundraising round in its history, OpenAI is accelerating its push toward profitability and actively preparing for an IPO. Behind the record numbers lies a clear strategy: bet everything on an agentic "super-app" to dominate daily AI usage.

OpenAI has just closed its most ambitious funding round to date: $122 billion raised, exceeding the $110 billion initially announced at the end of February. The deal pushes the company's valuation to $852 billion, consolidating its position as a global leader in generative AI just months before an IPO whose date has yet to be specified.

The financing rests on three major strategic investors announced on February 27:

• Amazon brings $50 billion, although $35 billion remain contingent on an IPO or the achievement of artificial general intelligence (AGI).
• Nvidia and SoftBank each contribute $30 billion.
• In addition, a significant new development: more than $3 billion was raised fromretail investors via banking channels, a first that illustrates the company's methodical preparation for a possible listing.
• OpenAI has also added several ETFs managed by ARK Invest, further opening up its capital, and strengthened its revolving credit line to $4.7 billion, backed by JPMorgan Chase, Citi and Goldman Sachs, although it has not used it.

A "super-app" to centralize everything

The money raised is meant to fund a specific ambition: create a single application capable of doing everythingOpenAI has officially confirmed its plan to merge ChatGPT, with its 900 million weekly users, with its coding tool Codex and web browsing capabilities.

The goal is to offer a system that understands users' intentions and acts autonomously across different apps and workflows. Codex now exceeds two million weekly users, five times more than a quarter ago.

This unification strategy follows a simple logic: whoever controls the daily entry point to AI controls the market. OpenAI wants to become that universal entry point.

Record revenues, but soaring costs

On the financial side, the picture is mixed. OpenAI reports $13.1 billion in revenue for 2025 and now reaches $2 billion in monthly revenue. Impressive figures, but insufficient to cover infrastructure costs that are rising even faster, mainly tied to the construction and operation of enormous data centers.

To support this infrastructure, the company relies on an intentionally diversified partner ecosystem: Microsoft, Oracle, AWS, CoreWeave and Google Cloud for cloud services; Nvidia, AMD and Cerebras for semiconductors; while also developing a proprietary chip in collaboration with Broadcom. The logic is a virtuous circle: more computing power produces better models, better models create better products, and better products drive revenue.

Forced refocusing in the face of competition

Behind this fundraising round there is also a increasing competitive pressure. In six months, OpenAI revised its roadmap twice, first in response to Google and the rise of Gemini, then in response to Anthropic, whose Claude models are gaining ground with specialists and whose revenue growth rate could soon surpass OpenAI's according to some experts.

To respond to this threat, Sam Altman initiated at the end of March a deep reorganization :

• Closure of Sora, the video-generation service, a decision that took Disney by surprise, despite being tied to OpenAI by a $1 billion contract signed in December;
• Complete and outright abandonment of adult chatbot projects;
• Focusing all computing power on professional use cases and the development of Codex.

The company, which until six months ago was still exploring dozens of directions simultaneously, from consumer devices to advertising and even a partnership with Mattel around Barbie, ultimately decided: one system, one priority.

The article "OpenAI raises $122 billion and targets a $852 billion valuation" has been published on the site Abondance.