OpenAI announced it plans to raise up to $40 billion in a new funding round, with SoftBank Group leading the investment.
The funds will help OpenAI advance its AI research, improve its computational infrastructure, and enhance its tools.
As per multiple outlets, SoftBank has committed to giving $10 billion in April, with another $30 billion in December, provided OpenAI shifts to a for-profit model by the end of the year.
The total valuation of OpenAI is expected to be $300 billion.
SoftBank intend to allocate $10 billion of its investment to other co-investors though they haven't named them yet.
The rest of the funding will be provided by Microsoft, Coatue Management, Altimeter Capital and Thrive Capital.
As per the reports, if OpenAI's restructuring doesn't go as planned, SoftBank's investment could be reduced to $20 billion.
Related: OpenAI enhances Photoediting feature, allow users to generate charts for work
OpenAI aims to improve its tools and make them more powerful for the 500 million people who use ChatGPT every week.
Investor interest in the artificial intelligence sector has grown significantly in recent years, fuelled by the immense use of chatbots and the development of advanced AI agents.
Companies are adopting AI to improve their operations and customer interactions, while venture capital firms are competing to invest in promising AI startups.
Related: OpenAI rolls out o1-pro API model with advanced capabilities
