OpenAI Finalizes $40 Billion in Record Funding

OpenAI, the artificial intelligence company behind ChatGPT, said it has finalized a funding round that will bring in $40 billion from SoftBank Group Corp. and other investors at a $300 billion valuation, including money raised.

- Agencies

WASHINGTON:

The AI developer's financing round is the largest of all time, according to data compiled by research firm PitchBook. The deal values the company at almost double its previous valuation of $157 billion when it raised money in October.

Bloomberg reported on March 26 that OpenAI was close to buttoning up the $40 billion financing deal.

"Hundreds of millions of people use ChatGPT each week," chief executive officer Sam Altman said in a statement on Monday about the new funding round. "This investment helps us push the frontier and make AI more useful in everyday life."