Investors include: Dragoneer Investment Group, Blackstone, TPG, Softbank, T Rowe Price, 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 with some early investors in OpenAI reported to be frustrated by the small allocations they were allotted in order to allow new investors to participate.
The lead investor was Dragoneer, which committed $2.8bn – 10% of the firm’s funds.
OpenAI plans to raise $40bn this year with Softbank committing to put up $30bn by the end of the year on condition that OpenAI transitions from a non-profit to a for-profit company. OpenAI is in talks with Microsoft, its biggest investor and partner, about a plan to become a for-profit company, which requires Microsoft’s agreement.
OpenAI’s 2025 opex is estimated at $28bn with revenue at a $12-13bn annual run-rate expected to hit $20bn by year end. The company is said to spend $2.25 per revenue dollar projecting a loss of around $22bn for this year.
