OpenAI is about to close a massive funding round led by SoftBank, which will double its valuation, according to Bloomberg.
A Complex Moment
This investment comes at a less optimistic time for the company, as doubts grow about the real pace of progress in generative artificial intelligence.
A Record-Breaking Figure
OpenAI is finalizing a $40 billion funding round, with SoftBank leading the way, which will push its valuation to $300 billion. This would place the company among the world’s most valuable, on par with giants like Coca-Cola and closing in on Netflix and Tesla.
Investment Structure
The funding will be split into two phases:
-
An initial injection of $10 billion ($7.5 billion from SoftBank and $2.5 billion from other investors).
-
A second phase of $30 billion planned for later this year.
SoftBank’s partners in this deal include Magnetar Capital, which could contribute up to $1 billion, along with Coatue Management, Founders Fund, and Altimeter Capital Management.
This round nearly doubles OpenAI’s valuation from October 2024, when the company raised $6.6 billion led by Thrive Capital at a valuation of $157 billion.
Real Value or Perception?
The sharp increase in valuation may be more about maintaining the perception of exponential growth than actual breakthroughs. While OpenAI has developed innovations like GPT-4o, more advanced reasoning models, and improved image generation, monetizing these advancements remains a challenge.
Additionally, the company needs massive amounts of capital to sustain its technological infrastructure, as evidenced by its ambitious Stargate project.
OpenAI’s Challenge
Now, the company must prove that its leadership in AI can translate into a profitable business model that justifies its astronomical valuation. Meanwhile, Sam Altman faces pressure from investors demanding returns and an infrastructure that requires constant funding.
After the excitement sparked by ChatGPT’s launch in late 2022, the market is entering a more selective phase, where only truly solid companies will continue to attract major investments.
