OpenAI raises $122 billion and targets $852 billion valuation

By completing the largest fundraising in its history, OpenAI is accelerating its race towards profitability and actively preparing its IPO. Behind the record figures lies a clear strategy: relying everything on an agentic “super-application” to dominate the daily use of AI.

OpenAI has just completed its most ambitious funding round to date: 122 billion dollars raisedexceeding the 110 billion initially announced at the end of February. The operation propels the company's valuation to $852 billion, consolidating its position as a world leader in generative AI a few months before an IPO, the date of which has yet to be specified.

The financing is based on three major strategic investors announced on February 27:

• Amazon brings 50 billion dollars, although 35 billion remains conditional on an IPO or the achievement of artificial general intelligence (AGI).
• Nvidia and SoftBank each contribute up to 30 billion.
• Added to this is a significant novelty: more than 3 billion dollars were raised fromindividual investors via banking channels, a first which illustrates the methodical preparation of the company for a possible listing.
• OpenAI has also integrated several ETFs managed by ARK Investfurther opening up its capital, and strengthening its revolving credit line to $4.7 billion, supported by JPMorgan Chase, Citi and Goldman Sachs, without using it.

A “super-app” to centralize everything

The money raised must finance a specific ambition: create a single application that can do everything. OpenAI has officially confirmed its plan to merge ChatGPT, with its 900 million weekly users, with its Codex coding tool and internet browsing features.

The goal is to provide a system that understands user intentions and acts autonomously across different applications and workflows. Codex, in fact, now exceeds two million weekly users, five times more than a quarter ago.

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

Record revenues, but exploding costs

Financially, the situation is mixed. OpenAI announces $13.1 billion in revenue for 2025 and now reaches $2 billion in monthly revenue. Impressive figures, but insufficient to cover infrastructure costs which are increasing even fastermainly related to the construction and operation of gigantic data centers.

To support this infrastructure, the company relies on a deliberately diversified ecosystem of partners: Microsoft, Oracle, AWS, CoreWeave and Google Cloud for the cloud, Nvidia, AMD and Cerebras for semiconductors, with in parallel the development of a proprietary chip in collaboration with Broadcom. The logic is that of an assumed virtuous circle: more computing power generates better models, better models produce better products, and better products stimulate revenues.

Forced refocusing in the face of competition

Behind this fundraising also hides a growing competitive pressure. In six months, OpenAI has revised its roadmap twice, first in the face of Google and the rise of Gemini, then in the face of Anthropic, whose Claude models are gaining ground among specialists and whose rate of revenue growth could soon exceed that of OpenAI according to certain experts.

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

• Closure of Sora, the video generation service, a decision which took Disney by surprise, even though it was linked to OpenAI by a billion-dollar contract signed in December;
• Pure and simple abandonment of chatbot projects for adults;
• Concentration of all computing power on professional uses and Codex development.

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