OpenAI closes $122B round at $852B post — Amazon, Nvidia, SoftBank, Microsoft as anchors

OpenAI closed a $122 billion funding round at an $852 billion post-money valuation, anchored by Amazon, Nvidia, SoftBank, and Microsoft. This is the largest single venture round ever recorded, eclipsing the prior record (also OpenAI's, in 2025) and pushing the company close to the trillion-dollar valuation threshold.

The strategic locks are more interesting than the capital. Amazon and Microsoft sitting on the same cap table — cloud rivals who normally fight for AI workloads — signals that both clouds want skin in the AI game even at the price of mutual exposure. Nvidia's anchor position is the silicon-meets-application loop NVIDIA has been building since the Blackwell ramp.

SoftBank's presence flags the IPO timeline. SoftBank tends to participate in the round immediately before a public offering. With OpenAI on multiple 2026 IPO watchlists, this round is best read as the bridge to the S-1 filing.

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