OpenAI announced Friday it has closed $110 billion in new funding at a $730 billion pre-money valuation, the largest private financing in history. Amazon committed $50 billion, while Nvidia and SoftBank each put in $30 billion. The round more than doubles the $40 billion raise OpenAI completed about a year ago, which was itself a record at the time.
The post-money valuation lands at roughly $840 billion, according to Bloomberg, a sharp jump from the $500 billion OpenAI commanded during a secondary sale in October. Additional investors are expected to join as the round progresses.
Amazon's $50 billion comes with strings
The Amazon deal is the headline number, but the fine print matters more. Only $15 billion hits OpenAI's accounts right away. The remaining $35 billion arrives "in the coming months when certain conditions are met," according to OpenAI's partnership announcement. Neither company specified those conditions publicly.
The Information reported earlier this week that the $35 billion is contingent on OpenAI either going public or achieving artificial general intelligence. That's a remarkable pair of conditions to put in a term sheet: one is a financial milestone, the other is a philosophical one that nobody can agree on how to define. OpenAI has been laying groundwork for a potential IPO targeting Q4 2026, which makes the first trigger plausible. The AGI trigger is harder to parse.
Beyond the equity investment, the two companies signed a multi-year strategic partnership. OpenAI is expanding its existing $38 billion AWS agreement by another $100 billion over eight years and committing to consume at least 2 gigawatts of Amazon's Trainium capacity. AWS becomes the exclusive third-party cloud distribution provider for OpenAI's enterprise platform Frontier. The companies will also jointly develop a "Stateful Runtime Environment" on Amazon Bedrock, and OpenAI will build custom models to power Amazon's consumer products.
"We have lots of developers and companies eager to run services powered by OpenAI models on AWS," Amazon CEO Andy Jassy told CNBC, which is the kind of corporate enthusiasm you'd expect from someone who just wrote a $50 billion check.
What happened to Nvidia's $100 billion?
Nvidia's $30 billion is a cleaner story, but only if you ignore what came before it. In September, Nvidia and OpenAI announced a framework for $100 billion in staged investments tied to deploying 10 gigawatts of Nvidia systems. By January, The Wall Street Journal reported the plan had stalled. Jensen Huang privately described the agreement as "nonbinding" and raised concerns about OpenAI's spending discipline. So a $100 billion infrastructure partnership became a $30 billion equity check.
The new deal still includes commitments: 3 gigawatts of dedicated inference capacity and 2 gigawatts of training on Nvidia's Vera Rubin systems, per CNBC. Much of the $30 billion will likely circle back to Nvidia as chip purchases, which is the kind of financial arrangement that makes sense if you don't think about it too hard.
Microsoft wants you to know nothing has changed
Within hours of the Amazon announcement, Microsoft and OpenAI published a joint statement that reads like it was drafted by a team of lawyers who skipped lunch. The core message: Azure remains the exclusive cloud provider for stateless OpenAI APIs, Microsoft keeps its IP license, and the revenue-sharing arrangement is intact. "Collaborations like the partnership between OpenAI and Amazon were always contemplated under our agreements," the statement says, "and Microsoft is excited to see what they build together."
That last line, about being excited, does a lot of work. Microsoft's position is essentially that it locked in the API layer and IP rights, so OpenAI can partner with whoever it wants on infrastructure without threatening the core deal. Any API calls resulting from the Amazon collaboration still route through Azure. Whether that distinction holds up as OpenAI builds increasingly deep integrations with AWS is a question for future earnings calls.
Growth numbers, for context
OpenAI padded the announcement with usage metrics. ChatGPT now serves over 900 million weekly active users with more than 50 million paying consumer subscribers. Codex, the coding tool, has tripled its weekly user base since January to 1.6 million. Those are big numbers, but the 900 million figure has been circulating since late 2025, which raises the question of how much net growth there actually is versus a plateau being repackaged. OpenAI says January and February were its biggest months for new subscriber additions, though it didn't release specific figures.
The company is also telling investors it's targeting $600 billion in total compute spend by 2030, which CNBC was first to report. That's a notable retreat from the $1.4 trillion in infrastructure commitments Sam Altman was promoting months earlier. Revenue projections sit at $280 billion by 2030, split between consumer and enterprise.
The round remains open and more investors are expected. SoftBank's $30 billion, for its part, adds to an existing stake from leading OpenAI's previous raise. The round dwarfs recent comparable fundraises: Anthropic's $30 billion and xAI's $20 billion.
OpenAI has not announced a specific timeline for when additional investors will close.
