Official OpenAI announcements and financial news reports

OpenAI Secures Record $6.6B Funding, Valuation Soars to $157B in Largest-Ever Round

Oct 5, 2024, 08:17 PM

OpenAI has secured a record-breaking $6.6 billion funding round, raising its valuation to $157 billion, more than doubling from $86 billion earlier this year. This makes it the highest valued private AI company in the US. The funding round included significant investments from Microsoft, NVIDIA, and SoftBank, among others. OpenAI's August revenue reportedly reached $300 million, marking a 1,700% increase from the beginning of 2023. The company also secured a $4 billion revolving credit line from banks, giving it a total liquidity of $10.6 billion. Sarah Friar, the newly appointed CFO, played a crucial role in orchestrating this funding round. Despite Apple's exit from funding, OpenAI continues to lead in the AI industry, with significant implications for the future of AI technology. D.A. Davidson's managing director praised OpenAI's $6.8 billion funding round, highlighting its achievement as the largest-ever in Silicon Valley.