OpenAI targets up to $100B raise at $750–830B AI valuation

If this round closes anywhere near the rumored $100 billion, OpenAI would have a wartime balance sheet on par with the largest tech platforms, but focused almost entirely on frontier AI. That kind of capital lets the company pre-pay for multiple generations of compute, lock in supply chains, and fund massive model training runs, even if near-term revenue lags far behind costs. It effectively turns OpenAI into a semi-permanent infrastructure project, not just a fast-growing startup.

The fundraising also signals that the capital intensity of frontier AI is stepping up again. The reported involvement of sovereign wealth funds and mega-caps like Amazon underlines how AGI is now treated as strategic infrastructure, not just a software product. For rivals like Google, Anthropic, xAI and Meta, this raises the bar: scaling competitive models will demand similarly deep, patient capital, or more creative alliances. At the same time, valuations approaching those of Big Tech incumbents amplify bubble risk, especially if broader AI revenues don’t keep pace with infrastructure spending.