TLDR
- OpenAI is close to finalizing a funding round expected to raise over $100 billion
- The round could value OpenAI at more than $850 billion, up from a $730 billion pre-money valuation
- Key backers include Amazon, SoftBank, Nvidia, and Microsoft
- OpenAI is expected to remain unprofitable until at least 2029 due to high AI infrastructure costs
- An IPO could come as early as the end of 2026
OpenAI is close to completing the first phase of a new funding round that is expected to raise more than $100 billion, according to a Bloomberg report published Thursday.
OpenAI is finalizing a new ~$100B funding round that would value the company at ~$830B.
For context, $META is ~$1.6T with 3.6B daily users & $200B+ in revenue while OpenAI is ~$12B ARR with ~800M weekly users and still burning cash.
Make this make sense. https://t.co/HyYp4q9bYi pic.twitter.com/fUedlzWHrV
— Shay Boloor (@StockSavvyShay) February 19, 2026
The round could push OpenAI’s valuation to more than $850 billion. That is up from an earlier estimate of $830 billion. The company’s pre-money valuation is expected to stay at around $730 billion before new capital is added.
The first phase of the round is expected to close by the end of February. Allocations among early investors are still being finalized.
Strategic investors are leading the first phase. Those include Amazon, SoftBank, Nvidia, and Microsoft. If these firms invest at the higher end of the discussed range, their combined commitments could approach $100 billion on their own.
A second phase is planned to follow. That portion is expected to include venture capital firms, sovereign wealth funds, and other large financial investors. Some sources say the second phase could push the total even higher than $100 billion.
OpenAI is currently the world’s most valuable startup. Despite that status, the company has been operating at a loss and is expected to continue doing so until at least 2029.
Why OpenAI Keeps Spending
The losses come from the high cost of building and running advanced AI models. Training these systems requires large amounts of computing power, specialized chips, and data center capacity.
These costs have been rising as OpenAI develops larger and more capable models. The new funding is expected to give the company more room to manage those expenses.
OpenAI has stated plans to spend trillions of dollars on AI infrastructure over the next decade. The fresh capital will help support that buildout.
Revenue is expected to grow sharply in the coming years. But the company’s spending is outpacing that growth for now.
IPO on the Horizon
OpenAI may pursue an initial public offering as early as the end of 2026. That timeline has been mentioned in multiple recent reports.
The potential IPO comes as competition with Anthropic continues to grow. Both companies are racing to develop more powerful AI systems.
Microsoft, Nvidia, and Amazon are all existing partners of OpenAI. Their participation in the funding round ties them more closely to the company’s future plans.
The first close of the round is expected before March. Further details on the second phase have not been confirmed publicly.
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