OpenAI has secured $8.3 billion in funding at a $300 billion valuation, exceeding its target and completing the fundraising months ahead of schedule, according to the New York Times (NYSE:NYT) DealBook Newsletter.
The artificial intelligence company had initially planned to raise $7.5 billion by the end of 2025 as part of its larger $40 billion funding strategy announced in March. SoftBank (TYO:9984) had previously committed to provide $30 billion by year-end.
Dragoneer Investment Group led the round with a $2.8 billion commitment, potentially one of the largest single venture capital investments ever made. The funding round attracted numerous new investors, including private equity firms Blackstone (NYSE:BX) and TPG, along with mutual fund manager T. Rowe Price.
Other participants included Fidelity Management, Founders Fund, Sequoia Capital, Andreessen Horowitz, Coatue Management, Altimeter Capital, D1 Capital Partners, Tiger Global and Thrive Capital.
The round was five times oversubscribed.
The report also noted that the company’s business metrics show significant growth, with annual recurring revenue reaching $13 billion, up from $10 billion in June, and projected to exceed $20 billion by the end of 2025. Paid business users of ChatGPT have increased to five million, up from three million a few months ago.
