OpenAI Seeks $100 Billion Funding at Near $800 Billion Valuation

In a move that could reshape the tech landscape, OpenAI seeks $100 billion in a funding round that may value the AI leader at nearly $800 billion. According to sources briefed on the matter, this historic capital raise - the largest in tech history - underscores the immense financial demands of developing and scaling frontier artificial intelligence. The funds are critical as the cost of training and deploying models at OpenAI's scale continues to skyrocket, requiring vast computational resources.

OpenAI reportedly exploring massive fundraising - up to $100B and talks with Amazon

OpenAI is pursuing this historic funding to cover the immense and escalating costs of building frontier AI. The capital is essential for acquiring massive-scale computing power, developing custom silicon, and expanding global infrastructure to stay ahead of competitors and meet projected demand.

According to reports from TechCrunch, OpenAI's bankers began approaching sovereign wealth funds in December 2025 to raise up to $100 billion at a valuation between $750 billion and $830 billion. This figure dwarfs previous rounds, including a March 2025 Series F that valued the firm at $300 billion. Executives frame the war chest as a necessity, citing internal forecasts that project compute spending will reach trillions by the decade's end. Pitch documents identify three core spending areas: raw compute, custom silicon R&D, and global distribution for its AI products.

Amazon's role and the shift to multi-cloud

In parallel with fundraising, OpenAI has fortified its infrastructure by partnering with Amazon Web Services. A seven-year, $38 billion pact signed in November 2025 gives OpenAI access to hundreds of thousands of NVIDIA GB-series GPUs on EC2 UltraServers, a move confirmed by About Amazon. This partnership marks a strategic shift away from exclusive reliance on Microsoft Azure, establishing a multi-cloud approach that also leverages Google Cloud. While a rumored $10 billion Amazon equity stake remains unconfirmed, AWS has highlighted its commitment through long-term capacity reservations and advanced, low-latency networking.

Where the money could go

A confidential investor briefing details the planned allocation of funds through 2028, prioritizing core infrastructure and research:

• $48 billion for data center capacity in North America, Europe, and Asia
• $22 billion for next generation model training runs and validation
• $15 billion to design or license custom inference chips
• $5 billion earmarked for global compliance and safety research

These figures reflect intense industry-wide pressures. Market data shows data center vacancy rates in key markets have dropped below 2 percent, while analysts warn that major enterprises will underestimate AI infrastructure costs by 30 percent through 2027, compelling firms like OpenAI to secure resources years ahead of time.

Investors weigh valuation against revenue traction

Despite a rapidly accelerating revenue stream, which analysts estimate surpassed a $12.7 billion annual run rate by mid-2025 (a threefold increase from 2024), the need for fresh capital remains critical. This funding is essential for OpenAI to maintain its competitive edge in GPU capacity against rivals like Anthropic and Google DeepMind. Importantly, the company's unique structure remains intact; new investors will acquire non-voting shares in the Public Benefit Corporation, preserving the capped-profit model and the oversight of the original nonprofit parent entity.