OpenAI's $122bn round at $852bn anchors the pre-IPO war chest
SoftBank, Nvidia and Amazon lead one of the largest private raises ever; APIs now clear 15bn tokens/minute
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.