surprisetalk2d ago

OpenAI closes funding round at an $852B valuation

https://openai.com/index/accelerating-the-next-phase-ai

https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html

OpenAI raises $122 billion to accelerate the next phase of AI

OpenAI raises $122 billion in new funding to expand frontier AI globally, invest in next-generation compute, and meet growing demand for ChatGPT, Codex, and enterprise AI.

Show threadsimonebrunozzi2d ago

No, they didn't raise $122B as the HN title implies. A big chunk of that $122B is a "maybe" that depends on various things that need to happen in the future.

Oh, man... I can't wait to see where this is going. Might not be pretty after all.

Show threadAurornis2d ago
Having large funding rounds contingent on meeting milestones is common. Always has been.
Show threadwmf
Why not announce the funding after the milestones have been met?
Mar 31 at 9:39pmWeb
Show threadapparent2d ago
It's splashier this way, and is meant to shape the narrative, make other companies fear their warchest, and make hiring easier. Of course, those who are in-the-know won't be fooled, but the perception of the general public will be set in stone by the PR framing.
Show threadAurornis2d ago

The funds are committed under the terms of the deal (share price, things like board seats, and other details). There are legal obligations to provide it.

This is a common structure for large investments. It would be really inefficient for all of these investors and companies to have to have the money sitting in cash to do a deal and then transfer it into the company's bank where it sits and earns interest for years until they can deploy it.

Even VC firms who raise funds work this way. The capital is "committed" but investors don't wire all of the money over right away so it can sit in the VC firm's bank accounts, waiting. The VCs do what's called a "capital call" through which they're legally bound to provide the money they committed when requested, under the terms of the deal.