OpenAI’s $122 Billion Mega-Round Dwarfs Nearly Every S&P 500 Giant, But With Zero Profit

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OpenAI closed its latest funding round with $122 billion in committed capital at an $852 billion post-money valuation, making it the largest private raise in technology history.

The round was anchored by Amazon, Nvidia, and SoftBank, with continued participation from Microsoft. An additional $3 billion came from individual investors through bank channels for the first time.

The Numbers Behind the Hype

OpenAI now generates $2 billion in monthly revenue and claims 900 million weekly active ChatGPT users.

The company also reported over 50 million paying subscribers and said its advertising pilot reached $100 million in annualized recurring revenue within six weeks.

Today, we closed our latest funding round with $122 billion in committed capital at an $852B post-money valuation.

The fastest way to expand AI’s benefits is to put useful intelligence in people’s hands early and let access compound globally.

This funding gives us resources to…

— OpenAI (@OpenAI) March 31, 2026

Investor Anthony Pompliano noted that OpenAI is growing revenue four times faster than Alphabet and Meta did at similar stages.

Enterprise revenue now accounts for 40% of the total and is expected to match consumer revenue by year-end.

However, the structure of the round has drawn scrutiny. Analyst Simon Taylor pointed out that Amazon’s $35 billion is contingent on an IPO or hitting artificial general intelligence targets.

Nvidia’s contribution largely consists of GPU compute capacity rather than cash.

OpenAI is now worth more than every S&P 500 company except 12. It has no profits. Those 12 companies have a combined age of nearly 1,000 years. OpenAI is 10. The most disruptive wealth creation event in human history is happening right now, entirely in private,” wrote ProCap CIO and Bitwise advisor Jeff Park.

The AI IPO Race Intensifies

Anthropic closed a separate $30 billion round in February at a $380 billion valuation. Both companies are reportedly eyeing public listings in 2026, with neither wanting the other to go first.

We’ve raised $30B in funding at a $380B post-money valuation.

This investment will help us deepen our research, continue to innovate in products, and ensure we have the resources to power our infrastructure expansion as we make Claude available everywhere our customers are.

— Anthropic (@AnthropicAI) February 12, 2026

Taylor estimated OpenAI’s projected annual burn rate could reach $57 billion by 2027, calling the eventual IPO a financial necessity.

Meanwhile, Worldcoin (WLD), a token co-founded by OpenAI CEO Sam Altman, showed a muted reaction.

WLD traded at $0.2807 with a market cap of roughly $905 million, up just 0.8% despite the funding news.

The token remains down over 97% from its all-time high, weighed down by ongoing token unlocks and regulatory pressure across multiple jurisdictions.

Whether public markets will have the appetite for an OpenAI IPO at these valuations remains an open question as the company continues to spend far more than it earns.

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