OpenAI just broke its own record. The company behind ChatGPT announced Friday it has raised $110 billion in new funding, nearly tripling the $41 billion round it closed in March 2025, which was itself the largest private tech fundraise in history at the time.

The company said Amazon (AMZN) is investing $50 billion, with Nvidia (NVDA) and SoftBank committing $30 billion each. The deal values OpenAI at $730 billion pre-money, or $840 billion fully diluted, a sharp jump from the $500 billion valuation it carried in a secondary financing just four months ago.

Sam Altman appeared on CNBC’s Squawk Box Friday morning for a first-on-CNBC interview with Andrew Ross Sorkin alongside Amazon CEO Andy Jassy. “We’re super excited about this deal,” Altman said on Squawk Box. “We will continue to have a great relationship with Microsoft. We’re excited to have a great relationship with Amazon. AI is going to happen everywhere. It’s transforming the whole economy, and the world needs a lot of collective computing power to meet the demand.”

The round remains open. OpenAI expects additional investors, including sovereign wealth funds and venture capital firms, to add roughly $10 billion more before the round closes at the end of March.

What each investor gets out of the OpenAI funding round

This is not passive capital. Each of the three anchor investors secured strategic partnerships alongside their checks, reshaping the competitive landscape for cloud computing and AI infrastructure.

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Amazon’s $50 billion is the single largest investment the e-commerce giant has ever made in any company. $15 billion arrives upfront, with the remaining $35 billion coming when certain undisclosed conditions are met.

As part of the deal, AWS becomes the exclusive third-party cloud provider for OpenAI’s enterprise platform Frontier, and OpenAI will expand its existing $38 billion AWS agreement by an additional $100 billion over eight years.

Nvidia’s $30 billion comes with dedicated compute commitments. OpenAI committed to using 3 gigawatts of dedicated inference capacity and 2 gigawatts of training on Nvidia’s next-generation Vera Rubin systems. SoftBank’s $30 billion continues chairman Masayoshi Son’s long-standing conviction in OpenAI, following his $30 billion contribution to the March 2025 round.

What each investor brings beyond the check

• Amazon ($50 billion). AWS becomes the exclusive third-party cloud for OpenAI’s Frontier enterprise platform. Both companies will also develop customized AI models to power Amazon’s consumer products.
• Nvidia ($30 billion). OpenAI locks in 5 gigawatts of next-generation Vera Rubin compute capacity for training and inference, deepening its reliance on Nvidia’s hardware ecosystem.
• SoftBank ($30 billion). Son’s second major OpenAI commitment follows his $30 billion contribution in March 2025, signaling continued conviction in the AGI timeline despite broader market skepticism.

Why OpenAI needs this much money and what it plans to do with it

The scale of the raise reflects how expensive frontier AI has become. CNBC reported that OpenAI is targeting roughly $600 billion in total compute spending by 2030, revised down from an earlier $1.4 trillion projection as concerns mounted that its infrastructure ambitions were outpacing realistic revenue forecasts.

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The revenue side is strengthening. OpenAI now serves more than 900 million weekly active users, including over 50 million paying consumer subscribers and more than 9 million business users. The company is projecting more than $280 billion in total revenue by 2030, split roughly evenly between consumer and enterprise.

“We are entering a new phase where frontier AI moves from research into daily use at global scale,” the company said. “Leadership will be defined by who can scale infrastructure fast enough to meet demand, and turn that capacity into products people rely on.”

What the Microsoft situation actually means

Microsoft, OpenAI’s anchor backer since 2019 with more than $13 billion invested, did not participate in this round. Both companies moved quickly to address the narrative. A joint statement from both companies said nothing about the announcement, “in any way changes the terms” of the Microsoft and OpenAI partnership, and that the relationship remains “strong and central.” Microsoft still holds an option to join the round.

The competitive picture is shifting regardless. Anthropic closed a $30 billion Series G on Feb. 12 at a $380 billion post-money valuation, with Nvidia and Microsoft both participating. Google continues building Gemini internally. Meta is open-sourcing its models. OpenAI is betting that infrastructure scale, not just model quality, will determine who wins the enterprise market.

The risks behind a $730 billion valuation

The deal sizes are impressive, but there are strings attached, and things need to go right for the entirety of the deals to come to fruition and for OpenAI to succeed long term.

What investors should watch closely

• Conditions on Amazon’s $35 billion.Reuters reported the second tranche could hinge on OpenAI achieving AGI or completing an IPO by year-end, citing people familiar with the matter. OpenAI has not confirmed those exact terms but acknowledged the conditions exist.
• Revenue must catch up to spending. OpenAI’s $600 billion compute target by 2030 dwarfs even its most optimistic $280 billion revenue projection for the same period. The gap between spend and revenue is the central risk in the entire thesis.
• Antitrust scrutiny. Federal regulators may take interest in the deal. The FTC previously examined the Microsoft and OpenAI relationship, and the circular nature of these chip-and-cloud investments is drawing attention in Washington.
• Microsoft relationship. The entry of Amazon as a deep strategic partner creates new dynamics with Microsoft, OpenAI’s longest-standing backer. Both companies say nothing has changed, but a $100 billion AWS commitment is difficult to frame as neutral.

The $110 billion raise answers one question definitively: investors still believe OpenAI can win the AI infrastructure race. Whether the revenue follows the compute is the only question left.

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