TermSheet

OpenAI

AI research and deployment company building frontier models and products such as ChatGPT, the OpenAI API, Sora, and Codex.

Late-stage privateSan Francisco, California, USA

Who is building this.

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  2. Legal TechHarvey AILegal AI company building generative AI workflows for law firms, in-house legal teams, and professional services.
  3. Productivity SoftwareMemAI-powered note-taking and self-organizing workspace for knowledge workers.
  4. Education TechnologySpeakAI-powered language learning app focused on conversational practice and feedback.
  5. Robotics1XNorwegian humanoid robotics company building general-purpose robots for work and home environments.
  6. Healthcare AIAmbience HealthcareAI medical documentation platform that helps clinicians generate notes and reduce administrative work.
  7. Developer ToolsAnysphereDeveloper of Cursor, an AI-powered coding environment for software engineers.
  8. BiotechChai DiscoveryAI drug discovery company developing foundation models for biology and therapeutics research.
  9. Education TechnologyClass CompanionEdtech company using AI to help teachers provide faster personalized feedback to students.
  10. RoboticsFigure AIAI robotics company developing general-purpose humanoid robots.
  11. Autonomous VehiclesGhost AutonomyAutonomous driving software company that shut down in 2024.
  12. Education TechnologyHeeyoEducational AI chatbot for children designed for learning and creative play.
  13. FintechKickAI bookkeeping startup building agents to automate accounting and back-office workflows.
  14. Consumer AIMiloAI personal assistant for parents that helps organize and track family schedules and children’s activities.
  15. RoboticsPhysical IntelligenceRobotics foundation model company developing general-purpose AI software for robots.
  16. Healthcare AIThrive AI HealthAI health coaching startup launched by Thrive Global and OpenAI Startup Fund.
  17. Sales SoftwareUnifySales technology company building AI-enabled tools for go-to-market and sales teams.

Cumulative raised across 9 rounds, totaling $221B.

Fundraising history.

Cumulative raised$221BDec 2015 to Mar 2026 · 9 rounds
Dec 2015Jul 2019Apr 2023Mar 2026
  1. Strategic investment — $1B

    Jul 2019

    Microsoft announced a $1 billion investment and Azure supercomputing partnership with OpenAI.

    Led by Microsoft

    Source ↗
  2. Strategic investment

    Jan 2023

    OpenAI announced a multi-year, multi-billion-dollar expansion of its Microsoft partnership; exact amount was not disclosed in the official announcement.

    Led by Microsoft

    Source ↗
  3. Growth — $6.6B

    Oct 2024

    $157B post-money

    OpenAI closed a $6.6 billion financing at a $157 billion valuation, with participation reported from Microsoft, Nvidia, Thrive Capital, Khosla Ventures, SoftBank, and others.

    Led by Thrive Capital · with Microsoft, Nvidia, Khosla Ventures, SoftBank

    Source ↗
  4. Growth — $40B

    Mar 2025

    $300B post-money

    SoftBank announced an agreement to invest up to $40 billion in OpenAI Global at a $260 billion pre-money valuation, implying a $300 billion post-money valuation if fully funded.

    Led by SoftBank Group · with Co-investors / syndicate

    Source ↗
  5. Launch nonprofit funding commitment — $1B

    Dec 2015

    Nonprofit launch funding commitment from donors; not a priced equity round.

    Led by Sam Altman, Elon Musk · with Greg Brockman, Reid Hoffman, Jessica Livingston, Peter Thiel +3

    Source ↗
  6. Strategic Investment

    2021

    Undisclosed Microsoft follow-on investment referenced in the 2023 OpenAI/Microsoft extension announcement.

    Led by Microsoft

    Source ↗
  7. Share Sale — $300M

    Apr 2023

    VC share sale/tender offer reported at just over $300M and a $27B–$29B valuation range.

    Led by Thrive Capital, Founders Fund · with Sequoia Capital, Andreessen Horowitz, K2 Global

    Source ↗
  8. Revolving Credit Facility — $4B

    Oct 2024

    Undrawn revolving credit facility established alongside the October 2024 funding round.

    Investors: JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley +5

    Source ↗
  9. Growth — $41B

    Dec 2025

    $300B post-money

    SoftBank-led financing announced as $40B at $300B post-money; SoftBank later said the fully funded final aggregate commitment was $41B including co-investors.

    Led by SoftBank Group · with Microsoft, Coatue Management, Altimeter Capital, Thrive Capital

    Source ↗
  10. Growth — $122B

    Mar 2026

    $852B post-money

    Closed $122B funding round at an $852B post-money valuation with strategic and financial investors.

    Led by Amazon, NVIDIA, SoftBank Group, Andreessen Horowitz (a16z), D. E. Shaw Ventures, MGX, TPG, T. Rowe Price Associates · with Microsoft, Altimeter Capital, Appaloosa LP, ARK Invest +17

    Source ↗
  11. Revolving Credit Facility Expansion — $4.7B

    Mar 2026

    Expanded existing revolving credit facility to approximately $4.7B; OpenAI said it remained undrawn at close.

    Investors: JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley +7

    Source ↗

AI research and deployment company building frontier models and products such as ChatGPT, the OpenAI API, Sora, and Codex.

OpenAI develops and deploys advanced AI models, infrastructure, and products for consumers, developers, and enterprises. Founded in December 2015 as an AI research company, OpenAI has evolved into one of the leading frontier AI labs, offering ChatGPT, developer APIs, business products, and model families used for reasoning, coding, image generation, voice, and other AI applications. The company has raised substantial strategic capital from Microsoft, Thrive Capital, SoftBank, and other investors to support large-scale AI research, compute infrastructure, and product deployment.

Company links

OpenAI | TermSheet