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ChatGpt Creator Openai revealed on Monday that new funds are up to $40 billion.
The money comes from a new fundraiser for an artificial intelligence (AI) company that SoftBank Group serves as a major investor.
The Japanese investment group said it had agreed to fund Openai by mid-April by mid-April, subject to AI companies that have moved to for-profit organizations by the end of the year.
Open AI CEO Sam Altman will speak on February 3rd at an event in Tokyo titled “Business business business via AI”. (Tomohiro Osumi / Getty Images)
A portion of the investment ($10 billion) will be syndicated by “co-investors” who told sources familiar with Reuters that it would include Microsoft, Court Management, altimeter capital and thriving capital.
Openai only gets up to $2 billion in funding from SoftBank if the company does not switch for-profit organizations.
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According to Openai, the deal will lead to a $300 billion “post money” valuation. In terms of value, it sits on top of public companies such as fast food giant McDonald’s and energy company Chevron, which has sold over $223 billion on market capitalization as of Tuesday, and it holds a position among the most valuable private companies, according to Quartz.
The Openai logo can be seen in this illustration, taken on May 20, 2024. (Photo by Dado Ruvic/Illustration/Reuters)
Openai said $40 billion will “push the frontier of AI research further, expand the computing infrastructure, and provide an increasingly powerful tool for 500 million people who use ChatGPT every week.”
Softbank’s support will help us continue to build AI systems that promote scientific discovery, enable personalized education, increase human creativity and pave the way for AGIs that benefit all humankind,” said the AI startup.
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The Japanese investment company said it would “collaborate with the Stargate Project, which has not existed recently, to “follow-on investments” and “will further support Openai’s growth and acquire the benefits of SBG’s NAV (net asset value) growth.”
Openai only gets up to $2 billion in funding from SoftBank if the company does not switch for-profit organizations. (Charly Triballeau/AFP Via/Getty Images)
Openai has partnered with SoftBank and Oracle to establish a network of data centers based on the $500 billion Stargate project.
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Other companies such as Microsoft, Nvidia, MGX, ARM are also involved in Stargate.
Softbank says it has a “mission to realize artificial super intelligence (ASI) for the advancement of humanity.” The company’s Vision 2 Fund has poured $2.2 billion into Openai starting from the fall as part of its efforts to make that happen.
Reuters contributed to this report.
