OpenAI's funding round hits $122 billion at $852 billion valuation as IPO approaches.

OpenAI's funding round hits $122 billion at $852 billion valuation as IPO approaches. The company raised twenty times more capital in 2026 than in 2024 while selling only triple the equity percentage, enriching early investors significantly. Major backers include Amazon, Nvidia, SoftBank, Microsoft, and institutional heavyweights like BlackRock and Sequoia. However, questions persist about the nature of committed capital and circular financing structures. Amazon's $50 billion ties to an eight-year AWS contract rather than direct cash investment, while Nvidia contributes computing resources. JPMorgan, Goldman Sachs, Citi, Morgan Stanley, and Wells Fargo providing a $4.7 billion credit facility appears designed to secure IPO underwriting roles.