OpenAI has secured $122 billion in new funding at an $852 billion valuation, marking its largest investment round to date as the company prepares for a potential public listing later this year. The capital infusion will strengthen the company’s resources as it continues making substantial investments in AI chips, expanding data centers, and recruiting leading industry talent.

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The round was co-led by SoftBank alongside Andreessen Horowitz, D. E. Shaw Ventures, MGX, TPG, and T. Rowe Price Associates, with additional participation from Amazon, Nvidia, and Microsoft. Approximately $3 billion was contributed by individual investors through banking channels. In a move to broaden its shareholder base ahead of an anticipated IPO, OpenAI will also be included in several exchange-traded funds managed by ARK Invest, providing wider access to its private stock.

Additionally, OpenAI has expanded its revolving credit facility to around $4.7 billion, backed by several major global banks. The company noted that the facility remains undrawn, indicating that this step is aimed at enhancing financial flexibility to support growing compute and infrastructure expenditures, rather than addressing immediate liquidity needs.

The company’s announcement read less like a standard update and more like a draft registration statement, filled with flywheel analogies, detailed metrics on revenue per compute unit, and expansive total addressable market language designed to appeal to institutional investors. OpenAI shared several performance figures, stating it now generates $2 billion in monthly revenue and took a competitive jab by noting, “At this stage, we are growing revenue four times faster than the companies who defined the Internet and mobile eras, including Alphabet and Meta.”

User metrics were also highlighted, with the company reporting over 900 million weekly active users in consumer AI and more than 50 million subscribers. Search usage has nearly tripled in the past year. OpenAI also revealed that its advertising pilot has already brought in over $100 million in annual recurring revenue in under six weeks, opening a significant new revenue stream for a company that originally grew its user base without ads.

On the enterprise side, business revenue now represents 40% of total revenue, up from about 30% last year, and is projected to reach parity with consumer revenue by the end of 2026. The company attributed much of its growth in agentic workflows to its latest model, GPT-5.4.

Finally, OpenAI described itself as an “AI superapp,” signaling its ambition to become the primary interface for AI interaction. Collectively, these updates convey a clear narrative: OpenAI is actively shaping its story for the public markets, and this funding round serves not only to raise capital but also to set expectations ahead of a likely IPO.