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  simonebrunozzi
  No, they didn't raise $122B as the HN title implies. A big chunk of that $122B is a "maybe" that depends on various things that need to happen in the future.Oh, man... I can't wait to see where this is going. Might not be pretty after all.
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  aurareturn
  $2b/month which is $24b/year. Not as much as I expected considering they were at $20b by end of 2025.[0] They only added $4b since?Anthropic had $19b by end of February 2026 and they added $6b in February alone.[1] This means if they added another $6b in March, they're higher than OpenAI already.However, I heard that OpenAI and Anthropic report revenue in a different way. OpenAI takes 20% of revenue from Azure sales and reports revenue on that 20%. Anthropic reports all revenue, including AWS's share.[2][0]https://www.reuters.com/business/openai-cfo-says-annualized-...[1]https://finance.yahoo.com/news/anthropic-arr-surges-19-billi...[2]https://x.com/EthanChoi7/status/2036638459868385394
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  alyxya
  > Today, we closed our latest funding round with $122 billion in committed capital at a post money valuation of $852 billion.A couple things that stand out to me about this is the use of the phrase "committed capital", which only sounds like a promise that could break from various circumstances, and the valuation of their funding keeps changing so it sounds like a max rather than the valuation every investor invested at.
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  nemo1618
  I'm old enough to remember when companies worth $1 billion were called "unicorns." Now we have a company raising 122 times that? Valued at nearly 1000 times that...?At least they're throwing consumers a bone via the ARK deal. It's crazy how little AI exposure is available to anyone who isn't already wealthy and/or connected.
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  samdjstephens
  > The broad consumer reach of ChatGPT creates a powerful distribution channel into the workplaceThey mention this line in different forms a couple of times in the article. It’s clear they’re pretty rattled about Anthropic’s momentum in enterprise, I wonder how confident they really are in this rationale.
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  avaer
  This announcement completes the betrayal of their founding principles."Our goal is to advance digital intelligence in the way that is most likely to benefit humanity as a whole, unconstrained by a need to generate financial return." - Not advancing digital intelligence - While locking people into a superapp - Because they are further constrained to generating financial returns
• convexly
  Feels like the number is more about FOMO than fundamentals at this point.
• blobbers
  I get the appetite for frontier models. But why not just invest in Google. Do they really expect the return profile of OpenAI to be vastly different than Google’s Gemini?
• mrdependable
  Funny how quickly they have become like every other tech company. There is basically no hint of OpenAI the non-profit anymore.Edit: Why did this go from their press release to a news story?
• Jaskhy
  The title is incorrect. The $122B includes previous promises. They raised an additional $12B of promises:"The round totaled $122 billion of committed capital, up from the $110 billion figure that the company announced in February. SoftBank co-led the round alongside other investors, including Andreessen Horowitz and D. E. Shaw Ventures, OpenAI said."This IPO, if anyone underwrites it, is going to fleece retail so hard. Better make it a SPAC with the help of Chamath and Cantor & Fitzgerald.
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  joaohaas
  > This is not just product simplification. It is a distribution and deployment strategy.iykyk
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  strongpigeon
  This has to be just an extension of their previous raise, right? This was a month ago: https://openai.com/index/scaling-ai-for-everyone/
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  podgietaru
  I can't help but think building an "everything" app is so.. both unbelievably ambitious, and a folly. I am not personally convinced that people want all the things that this super app purports to do.I am from a generation that still sits behind a desktop computer when making "big purchases." I can't even buy a flight on my phone. I am so much less likely to want to have an AI agent do that for me.Then the idea that daily consumption of these products will drive people to use them more at work... I have a very different life outside of work. My use of AI outside of work is exceedingly different to what I use it for at work.I sometimes feel wildly out of touch. But sometimes I view this as the VR moment. To me there are some things that I think may always be preferable to do outside of that ecosystem. And for me, a lot of tasks that 'agents' enable are small enough or important enough that I want to do them myself.I don't think I'll ever be comfortable allowing an agent to call me a taxi, or order food on my behalf. Because the convenience of asking for food isn't worth the chance it'll mess up, and opening an app and looking at a menu is simpler.I also think we're coming to a moment where we can start identifying the markers of AI generated content on sight. And I think there's a growing animosity to it. I might be comfortable asking AI something, but when I am looking for or searching for other content, seeing AI content markers make me angry at this point.To finish, I do just sort of straight up hate the idea that we're comparing this moment to the invention of electricity. It's on the face of it absurd.
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  alvis
  With $122B what are you going to build next? Spaceships?
• cat-turner
  Standby for tiered information.Have a question on health symptoms? You must subscribe to openAI healthHave a question on math? You must subscribe to openAI mathThe only way they can manage this type of monetization is a lot of compute to process outputs.
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  cmiles8
  This all smells fishy. They didn’t “raise” $122B. Raise means someone put funds in your bank account and said send us the next quarterly report to tell us how our investment is doing.They have pieces from paper of folks saying they may put up funds or goods and services in that amount. But it’s important to remember that:1. While they are “raising” commitments others are backing out of deals (see Disney, various data center things). Big deals announced to major fanfare are falling through.2. They slashed capital expenditure for the future after previously boasting about all the commitments. This is turning into bonkers math of X + Y - X + Z + W - 1/2 of Y = ? On trying to keep track of what’s actually “raised / real” vs what was PR puffery that folks ran away from later.3. Circular financing still seems to be going on. Big difference of here’s cash, have fun and various “commitments” and balance sheet games that seem to still be going on.Net net this all still looks very scary and iffy at best.
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  _diyar
  Are there any Polymarket / Kalshi bets on the over-under for the price? I wonder when the music will stop.
• whatsakandr
  I do not understand how these companies can have such high valuations when minimax m2.7 is going to be open weight.
• y1n0
  Pardon my ignorance, but how can a company that spends almost $2 for every $1 it brings in be worth anything?
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  victorbuilds
  $122B in "committed capital" (read: pinky promises) for a company whose entire thesis is "scaling laws hold forever and nobody figures out efficiency." DeepSeek and Google already proved that's shaky. Twice.I ship code every day. I use Claude, I use GPT, I run llama locally. The gap between frontier models and what fits on a 4090 shrinks every six months. Building a "super app" in response isn't vision — it's panic. You don't consolidate into an everything-app when you're winning. You do it when your core product is commoditizing and you need to lock people in before they notice.Also love the electricity comparison. Electricity doesn't hallucinate, doesn't need $300B in cumulative funding to turn on the lights, and never told me a function exists that doesn't.Hope it works out. Competition is good. But "flywheel" is just VC for "trust me bro."
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  ghm2199
  Does anyone know if this, like the spacex/xAI stock — will list on nasdaq? And will it be part of every market cap weighted index fund like VOO(S&P) etc or just for nasdax-100 etfs?The exchanges are bending head over heels to accommodate these IPOs[1] and make our retirement index funds the exit-liquidity strategy to the thievery of pump and dump actors that buy it low and then sell high? As i understand the way thievery works is:1. List at many multiples of market valuation on an exchange. So if you company is just 10 billion$ nasdaq and theives collude and say "can make it 100 billion..".2. Lots of institutional investors and rich billionaires get stock options.3. All market weighted index funds — aka all *your* low expense ratio ETF money — have to re-balance and buy them, raising their value: the exit-liquidity event4. Rich A**** get richer by making an profit by selling higher.[1] https://www.economist.com/leaders/2026/03/31/index-providers...
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  MinimalAction
  I hate to read this line when academics and graduate students who work in basic and hard sciences have their funding cut. The grand funding that pays minimum wage to grad students is a burden for this society, yet for a company that took all the valuable data from sources that never got credit, raises billions of dollars. Open says the name, but closed it is by operation. Sorry for this rant, but the priorities of this world suck.
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  pmdr
  The only thing that's really accelerating is how fast you get rate-limited on ChatGPT.
• rkagerer
  Ugh, does this mean I should say goodbye to what little RAM and other hardware remains available on the consumer market?
• shreyssh
  $852B and we still don't have an IAM layer for AI agents.
• mbgerring
  Each passing day the lie that markets efficiently allocate capital is further exposed
• bentt
  Intuitively, it just doesn’t feel like OpenAI has a trillion dollar moat.
• iheartbiggpus
  Would be nice to have this seperated from, i-owe-you, vs actual funding that's liquid!
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  sidrag22
  feels like an insult to readers to try to pretend that their revenue per month is comparable to google or apples growth when the funding is absurdly different, not to mention inflation itself.I am very much onboard with AI within my workflow. I just don't really see a future where openai/anthropic are the absolute front runners for devs though. Maybe OpenAI does just have the better vision by targeting the general public instead, and just competing to become the next google before google can just stay google?What is their next step to ensure local models never overtake them? If i could use opus 4.6 as a local model isntead and wrap it in someone else's cli tool, i 100% do it today. are the future model's gonna be so far beyond in capability that this sounds foolish? the top models are more than enough to keep up with my own features before i can think of more... so how do they stretch further than that?A side note i keep thinking about, how impossible is a world where open source base models are collectively trained similar to a proof of work style pool, and then smaller companies simply spin off their own finishing touches or whatever based on that base model? am i thinking of thinks too simplistically? is this not a possibility?
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  __alexs
  I thought they needed $7 trillion or they'd be unable to keep training new models?
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  jmward01
  There is a lot of talk about the AI bubble. I think there are comparisons to the late 90's/early 00's here with early stars rising quickly but, ultimately, falling. Since essentially everything touches the internet now it is clear that the 'internet bubble' was more of a shakeup of companies than a real over-hype of the internet. That, I think, is at play right now too with the 'AI bubble'. AI isn't going away but some of the early stars may not make it.So, the real question here is: Is OpenAI Netscape, or are they Google?
• ekropotin
  Are we going to see a trillion dollar IPO?
• 0gs
  isn't it weird that there is no attribution to a human here? i mean, eventually, they have to dropkick sama and install GPT itself as king, right? EOQ seems as good a time as any
• shafyy
  Looking forward to the movie about this absolute scammer Sam Altman when this is all said and done.
• colwont
  This is going to be bad
• dzonga
  does Softbank run of out money i.e announce these deals but never follow up ?
• whalesalad
  This is so bad. OpenAI has already singlehandedly destroyed the global flash memory market with their war chest, this will just give them more power.
• outside1234
  Google is totally going to run this company out of money aren't they?
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  brcmthrowaway
  Wow. I doubt Anthropic can raise that. Are they more efficient, can they do with less?
• TheAlchemist
  "Commited capital" - is this the same commited as the $500B for the Stargate project ?Not gonna lie, I hate those announcements lately. It's full bullshit mode, worse than the Dot-com bubble. Numbers don't make any sense, any more, and yet journalist don't ask any real questions...
• synergy20
  well we do need at least two powerful AI companies, so they can cross checkout each other when I use them.
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  oulipo2
  They are trying very hard to convince themselves that it's going to work, when we see all the models plateauing... it's clearly hitting the ceiling
• outside1234
  God help us if all of our retirement index funds are forced to buy this bankruptcy bomb.
• rvz
  No mention of "AGI" this time. Since we all knew it was a scam. But this is the most damning of them all:> The OpenAI flywheel is simple. More compute drives more intelligent models. More intelligent models drive better products. Better products drive faster adoption, more revenue and more cashflow.FTX had a "flywheel". It fell off. Being saddled with hundreds of billions of debt makes this situation ten times worse.
• BloodyIron
  Inflation is a hell of a drug.
• ds2df
  Nah this raise (commitment) is... blah.Last announcement I reckon pre-IPO and the inevitable collapse.
• snoren
  Money has lost all meaning in tech. 122 Billion raise! This is some kind of dream.
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  railgunmerlin
  didn't they just raise last month?
• josefritzishere
  Thsi is the most blatant pump & dump scam I've ever seen. It's going to crash like a meteor.
• mrkramer
  Good luck competing with Google which has "unlimited" budget.
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  ltbarcly3
  They have to focus on the distant future (where they are frankly unlikely to exist) because they are falling further and further behind in the immediate future.Their latest desperate bid for relevance is a plugin for Claude Code that uses Codex as a second opinion. Please clap.
• imta71770
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• h14h
  "Despite unprecedented capital investment in our R&D, our core product isn't getting meaningfully better so now we're building an app."Doesn't really strike me as the kind of statement that comes out of a company that can sustain a ~$1T market cap...
• wei03288
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• smartmic
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• jacquesm
  Fortunately, I was afraid that this was another bubble. /sI wonder what the bet is here, long term that valuation is going to have to go up even further for this investment to make sense so they're clearly betting that at IPO time they'll be able to convincingly demonstrate AGI or something extremely close to it. That's a pretty risky bet, and meanwhile, whatever they come up with will be a commodity within a year. And that's besides OpenAI no longer being seen as the dominant player or the player with the best edge.
• aanet
  > The OpenAI flywheel is simple. More compute drives more intelligent models. More intelligent models drive better products. Better products drive faster adoption, more revenue and more cashflow. That gives us the ability to reinvest and deliver intelligence more efficiently to consumers, enterprises, and builders around the world.-x-In short, the musical chairs are still playing... Keep on walkin' round, y'all, till the music stops./s
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  podgietaru
  "This is not just product simplification. It is a distribution and deployment strategy."I am so sick of AI writing.
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  adinhitlore
  [flagged]
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  rishabhaiover
  > We are now generating $2B in revenue per monthWhat??
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  sixtyj
  > Within a year of launching ChatGPT, we reached $1B in revenue. By the end of 2024 we were generating $1B per quarter. We are now generating $2B in revenue per month.They raised $122B.122 / 12*2 = 5 years to get your money back (I simplify, I know revenue <> profit)They are so big that almost no one can afford to acquire them. It is similar as someone would like to acquire MSFT or AAPL.WCGW?