OpenAI's $122B “VC Round” Is Vendor Deals, Contingent Capital, and a Guaranteed Return It Arguably Can't Afford (6 minute read)
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OpenAI closed a $122B investment round at an $852B post-money valuation at the end of last month. Amazon, Nvidia, and SoftBank accounted for $110B of that investment, while the remaining $12B came from a broader pool of institutional and individual investors. This article breaks down the numbers of the deal. Completely separate from the round, OpenAI is negotiating a joint venture with several private equity firms valued at roughly $10B pre-money with a guaranteed minimum return of 17.5%, plus early access to OpenAI models before general availability.