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VC

SoftBank Bets Big: $500M Investment Boosts OpenAI’s Valuation to $150B

Nicole Kristine Jovero
Last updated: October 5, 2024 12:55 am
Nicole Kristine Jovero
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1 Min Read
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  • OpenAI’s valuation hits $150B
  • SoftBank invests $500M
  • Apple exits funding round unexpectedly

Contents
AI Giant’s Coffers SwellBig Players Make MovesRestructuring on the Horizon

AI Giant’s Coffers Swell

OpenAI is set to receive a $500 million investment from SoftBank Group Corp. This cash injection propels the ChatGPT creator’s pre-money valuation to a staggering $150 billion, nearly doubling its worth from earlier this year.

Big Players Make Moves

Microsoft plans to increase its stake by $1 billion, solidifying its partnership.

Thrive Capital emerges as the lead investor, potentially contributing over $2 billion. However, Apple has unexpectedly exited the funding round, leaving questions about their future collaboration.

Restructuring on the Horizon

OpenAI may restructure its for-profit arm as a benefit corporation, removing caps on investor returns. This move aligns the company’s unprecedented growth projections – from $3.7 billion in revenue this year to a whopping $100 billion by 2029.

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