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Which bank will OpenAI draw the most funds from by the end of 2024?
2
Resolution / Starting Odds
JPMorgan Chase • 13%
Citi • 13%
Goldman Sachs • 13%
Other • 13%
Morgan Stanley • 13%
Santander • 13%
Wells Fargo • 13%
SMBC • 13%
OpenAI's financial statements or public disclosures
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OpenAI Secures $4 Billion Credit Line, Boosting Liquidity to Over $10.5 Billion
Oct 3, 2024, 02:43 PM
OpenAI has secured a $4 billion revolving line of credit from a consortium of major banks including JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS, and HSBC. This new credit facility, combined with the recent $6.6 billion in funding, brings OpenAI's total liquidity to over $10.5 billion. The credit line has a base amount of $4 billion, with an option to increase it by an additional $2 billion, and is available for three years. OpenAI will be paying an interest rate of roughly 6.6% on borrowed amounts. The company, which recently closed funding at a valuation of $157 billion, aims to use this liquidity for operational expansion and to stay competitive in the AI industry.
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