OpenAI raises $110B from Nvidia, SoftBank, Amazon at $730B valuation

The $110 billion round breaks down as $50 billion from Amazon, $30 billion from SoftBank, and $30 billion from Nvidia. The round values OpenAI at $730 billion pre-money. For context, that is larger than Walmart, larger than JPMorgan Chase, and roughly equal to Meta. The round remains open — OpenAI expects additional investors to join as it proceeds.

Amazon's $50 billion investment is contingent: $15 billion arrives immediately, and $35 billion comes later 'when certain conditions are met,' which sources indicate means either achieving AGI (artificial general intelligence) or completing an IPO by end of 2026. Amazon CEO AJAndy Jassy said OpenAI will run models on Amazon's Bedrock platform through a new 'stateful runtime environment.'

OpenAI generated $13.1 billion in revenue in 2025, beating its own $10 billion target, while burning through $8 billion — less than the projected $9 billion. ChatGPT now has 900 million weekly active users, up from 800 million in October 2025, with January and February 2026 tracking as the largest months for new subscribers in company history. Its coding product, Codex, has more than 1.5 million weekly active users.

The funding round came a week after OpenAI quietly revised down its total infrastructure spending target from $1.4 trillion to $600 billion by 2030, citing a need to more closely tie ambitions to revenue projections. The $1.4 trillion figure — which Altman had publicly touted for months — was never backed by firm commitments, and the downward revision raised concerns among some investors about execution risk.

OpenAI was founded in 2015 as a nonprofit research lab with backing from EMElon Musk, SASam Altman, and Peter Thiel, among others. Musk departed the board in 2018 and has since sued OpenAI, alleging it abandoned its nonprofit mission by commercializing. OpenAI is in the process of converting to a for-profit public benefit corporation, a restructuring that has faced legal and regulatory challenges.

The announcement arrived the same day the Pentagon blacklisted Anthropic and OpenAI secured its Pentagon classified-network deal. The simultaneous developments gave OpenAI a potential government-contract windfall just as its main competitor was shut out. Sen. Mark Warner questioned whether federal action against Anthropic was being used to steer business to politically connected firms.

Nvidia CEO JHJensen Huang had dismissed reports earlier in the year that Nvidia was pulling back from OpenAI. 'We will invest a great deal of money. I believe in OpenAI,' Huang said in January 2026. As part of the deal, OpenAI committed to using 3 gigawatts of dedicated inference capacity and 2 gigawatts of training on Nvidia's new Vera Rubin chip systems.

SoftBank, led by MSMasayoshi Son, had already committed $30 billion to OpenAI through the Stargate infrastructure initiative announced by Trump in January 2025. SoftBank's new $30 billion represents a separate investment tranche, giving the Japanese conglomerate one of the largest equity positions in OpenAI alongside Thrive Capital and Microsoft.