OpenAI raises $110B in one of the largest private equity funding rounds in history

OpenAI has raised $110 billion in private equity funding, the company announced Friday morning, kicking off one of the largest private equity financing rounds in history. The new funding includes investments of $50 billion from Amazon and $30 billion each from Nvidia and SoftBank, compared to an estimated $730 billion pre-money.

Notably, the round remains open, and OpenAI expects more investors to join as it progresses.

“We are entering a new phase where the frontier of AI is moving from research to everyday use around the world,” OpenAI said. “Leadership will be defined by who can scale infrastructure quickly enough to meet demand, and turn that capacity into products people can rely on.”

As part of the investment, OpenAI is launching key infrastructure partnerships with both Amazon and Nvidia. As in previous rounds, it is likely that a large portion of the dollar value comes in the form of services rather than cash, although the exact breakdown was not disclosed.

The company’s previous round closed in March 2025, raising $40 billion against a $300 billion valuation. At the time, it was the largest private equity financing round on record.

As part of its Amazon partnership, OpenAI plans to build a “new runtime environment” where OpenAI models will run on the Amazon Bedrock platform. The company will also expand its previously announced AWS partnership, which committed $38 billion in computing services, by $100 billion. OpenAI has committed to using at least 2GW of AWS Tranium compute as part of the agreement, and plans to build custom models to support Amazon’s consumer products.

“We have many developers and companies eager to use services powered by OpenAI models on AWS,” Amazon CEO Andy Jassy said in a statement, “and our unique partnership with OpenAI to provide a runtime environment will change what’s possible for customers building AI applications and agents.”

Information previously reported that Amazon’s $35 billion investment could depend on the company achieving AGI or making its IPO by the end of the year. OpenAI’s announcement confirms the funding split, but says an additional $35 billion will come “in the coming months when certain conditions are met.”

OpenAI provided few details on the Nvidia partnership, but said it committed to using “3GW of dedicated capacity for inference and 2GW of training on Vera Rubin’s systems” as part of the deal.

Nvidia’s participation in this round has been the subject of much speculation, especially since reports of a $100 billion investment in September gave way to reports of smaller investments in the following months.

In January, Huang dismissed the idea that Nvidia was backing away from OpenAI, saying, “we’re going to invest a lot. I believe in OpenAI. The work they’re doing is very good.”