OpenAI's $122bn round at $852bn anchors the pre-IPO war chest

Summary

Openai closed its latest funding round on 31 March 2026 with $122bn committed at an $852bn post-money valuation, co-led by Softbank with a16z, D.E. Shaw, MGX, TPG and T. Rowe Price, and strategically anchored by Nvidia, Amazon and continuing investor Microsoft. The round, first closed at $110bn in February before upsizing, funds compute and the agentic product push. OpenAI says its APIs now process more than 15bn tokens/minute, Codex serves over 2m weekly users (up 5x in three months), and enterprise exceeds 40% of revenue. The war chest set up the June confidential IPO filing.

By the numbers

• $122bn, committed capital (upsized from $110bn).
• $852bn, post-money valuation.
• 15bn+, tokens/minute across OpenAI APIs.
• 2m+, weekly Codex users, up 5x in three months.

• 40%, enterprise share of revenue.

Why it matters

The round is the financial base under OpenAI's compute commitments and its IPO timetable. SoftBank's lead and the Nvidia/Amazon anchors knit OpenAI into the same hyperscaler-and-chip dependencies as Anthropic, while the token-throughput and Codex metrics are the operational case for the valuation.

What to watch

• How much of the $122bn is cash vs. compute-linked commitment.
• Whether the metrics hold into the IPO disclosure.
• SoftBank's exposure if a listing slips past Q4.