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OpenAI Revenue, Valuation, Funding & Investors
OpenAI is valued at $852B as of April 2026, a 34.1x revenue multiple. OpenAI revenue was $25B, as disclosed with its latest round.
Last OpenAI valuation
$852B
Undisclosed stage · Apr 2026
Last OpenAI funding round
$75M
Undisclosed stage · Apr 2026
OpenAI revenue
$25B
Undisclosed stage · Apr 2026
Key investors in OpenAI
Thrive Capital
SoftBank Group
Microsoft
Altimeter Capital
MGX
Andreessen Horowitz
About OpenAI
OpenAI is an AI research and deployment company that develops large language models, including the GPT series, and consumer-facing products such as ChatGPT. Founded in 2015 as a nonprofit research lab, the organization transitioned to a capped-profit structure in 2019 to attract the capital needed for large-scale AI development. The company offers API access to its models for enterprise and developer use, alongside image generation through DALL-E and code-assistance tools. Headquartered in San Francisco, OpenAI has become one of the most prominent players in the generative AI space, backed by a multibillion-dollar investments from Microsoft, Amazon, NVIDIA, SoftBank and many more.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Subscription, Usage-based
Revenue
$25B (Apr 2026)
Valuation
$852B (Apr 2026)
OpenAI Valuation
OpenAI is currently valued at $852B, based on its undisclosed-stage round in April 2026. Read the announcement ↗
The $75M round was led by Robinhood Ventures.
OpenAI's valuation has grown 29x from $29B at its strategic investment round in January 2023 to $852B in April 2026, across 9 priced rounds.
OpenAI valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2026 | Undisclosed stage | $852B | 34.1x |
| Mar 2026 | Undisclosed stage | $852B | 34.1x |
| Oct 2025 | Secondary | $500B | 38.5x |
| Aug 2025 | Series F | $300B | - |
| Mar 2025 | Undisclosed stage | $300B | 23.6x |
| Oct 2024 | Undisclosed stage | $157B | 28.5x |
| Feb 2024 | Secondary | $80B | 50.0x |
| Apr 2023 | Secondary | $29B | - |
| Jan 2023 | Strategic investment | $29B | 145.0x |
OpenAI Revenue
OpenAI's latest recorded revenue is $25B, as of its undisclosed-stage round in April 2026. At a $852B valuation, that implies a 34.1x revenue multiple.
Revenue grew from $200M in January 2023 to $25B in April 2026, while the revenue multiple moved from 145.0x to 34.1x.
OpenAI revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2026 | $25B | $852B | 34.1x | Undisclosed stage |
| Mar 2026 | $25B | $852B | 34.1x | Undisclosed stage |
| Oct 2025 | $13B | $500B | 38.5x | Secondary |
| Mar 2025 | $13B | $300B | 23.6x | Undisclosed stage |
| Oct 2024 | $5.5B | $157B | 28.5x | Undisclosed stage |
| Feb 2024 | $1.6B | $80B | 50.0x | Secondary |
| Jan 2023 | $200M | $29B | 145.0x | Strategic investment |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
OpenAI Funding History
OpenAI has raised a total of $188B across 8 funding rounds, plus 3 secondary share sales.
OpenAI's first fundraising round was a $1B strategic investment round in July 2019. The most recent completed round was a $75M undisclosed-stage round in April 2026.
OpenAI funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2026 | Undisclosed stage | Robinhood Ventures (lead) | $75M | $852B | Robinhood Ventures Fund I (RVI) closed a $75 million investment in OpenAI on April 17, 2026, purchasing common stock in the artificial intelligence company. The transaction was announced on April 22, 2026. OpenAI's valuation post-investment stands at $852 billion. The investment represents one of the largest single investments for the specialized fund and marks a significant milestone in bringing high-growth private equity exposure to retail investors through the publicly traded closed-end fund. The Robinhood Ventures Fund I, which began trading on the New York Stock Exchange under ticker RVI on March 6, 2026, provides retail investors exposure to a concentrated portfolio of private companies including Airwallex, Boom, Databricks, ElevenLabs, Mercor, OpenAI, Oura, Ramp, Revolut, and Stripe. The fund has no minimum investment threshold, does not require accreditation, and charges no performance fee, though it carries an expense ratio of 3.13%. The investment provides retail investors with a straightforward opportunity to acquire shares in OpenAI prior to any potential initial public offering. |
| Mar 2026 | Undisclosed stage | Andreessen Horowitz (lead); MGX (lead); NVIDIA (lead); TPG (lead); T. Rowe Price (lead); Amazon (lead); SoftBank Group; Blackstone; Altimeter Capital; BlackRock; Sequoia Capital; Thrive Capital; Coatue | $122B | $852B | OpenAI closed a $122 billion financing on 31 March 2026 at a post-money valuation of $852 billion, the largest private funding round ever completed, upsized from the $110 billion at a $730 billion pre-money valuation announced on 27 February 2026. Amazon committed $50 billion, of which $15 billion was funded at close and $35 billion is contingent on OpenAI reaching AGI or completing an IPO; SoftBank and NVIDIA committed $30 billion each, and Andreessen Horowitz, D.E. Shaw Ventures, Fidelity, Sequoia Capital, Thrive Capital, BlackRock, Blackstone, Temasek, T. Rowe Price, TPG, MGX, Altimeter and Coatue also participated, with about $3 billion channelled from retail investors through bank partners. OpenAI said the capital would fund compute infrastructure including its Stargate programme, frontier model research and the build-out of ChatGPT as a consumer super-app. Revenue was reported to have passed $2 billion a month, or roughly $25 billion annualised, with ChatGPT serving more than 800 million weekly users. A substantial part of the round was tied to cloud and chip purchase commitments with the strategic investors. |
| Jan 2026 | Undisclosed stage | Bright Pixel | - | - | Bright Pixel's live portfolio identifies OpenAI as a direct 2026 investment. The portfolio card is grouped with the firm's direct holdings rather than the separately marked managed-fund investments and states an investment year of 2026. OpenAI develops foundation models and artificial-intelligence products for consumers, developers and enterprises, including ChatGPT and application-programming interfaces used to build AI-enabled software. The addition is consistent with Bright Pixel's expansion from cybersecurity and retail technology into generative-AI infrastructure and applications. No accepted primary source discloses Bright Pixel's precise closing date, instrument, amount or whether the position was acquired in a primary round or secondary transaction. OpenAI's later acquisition of another Bright Pixel holding, Ona, is a separate portfolio-company exit already recorded in the database and does not establish the terms of Bright Pixel's own OpenAI position. |
| Oct 2025 | Secondary | Dragoneer; MGX; SoftBank Group; T. Rowe Price; Thrive Capital | $6.6B | $500B | OpenAI completed a secondary share sale in October 2025 that valued the company at $500 billion, making it the world's most valuable private venture-backed company, surpassing SpaceX. The secondary offering allowed current and former employees to sell shares and resulted in approximately $6.6 billion in transaction volume, with about two-thirds of the $10.3 billion authorized shares ultimately sold. The transaction included multiple major institutional investors participating in the secondary markets. In the first half of 2025, OpenAI generated approximately $4.3 billion in revenue, representing roughly 16% growth compared to the entire prior year, demonstrating significant revenue acceleration ahead of the secondary share sale. |
| Aug 2025 | Series F | Centricus | $8.3B | $300B | Centricus invested in OpenAI's Series F financing, which closed in August 2025 and which the firm records on its own track record at a USD 301 billion valuation. The round raised USD 8.3 billion at a valuation of about USD 300 billion and was completed months ahead of schedule after being roughly five times oversubscribed. Dragoneer Investment Group led with a commitment of about USD 2.8 billion, and other participants included Blackstone, TPG, T. Rowe Price, Fidelity Management, Founders Fund, Sequoia Capital, Andreessen Horowitz, Coatue Management, Altimeter Capital, D1 Capital Partners, Tiger Global and Thrive Capital. The tranche formed part of the larger USD 40 billion funding commitment led by SoftBank Group that OpenAI announced in March 2025; SoftBank invested USD 7.5 billion at the first closing in April 2025 through SoftBank Vision Fund 2 and a further USD 22.5 billion at the second closing in December 2025, with USD 11 billion coming from third-party co-investors. Centricus describes its participation as an investment made alongside SoftBank, a counterparty with which it has worked since structuring the USD 100 billion Vision Fund in 2017. Proceeds were earmarked for research and for the compute capacity OpenAI has contracted through partnerships with Microsoft, Oracle and SoftBank, including the Stargate data centre programme. OpenAI was founded in 2015 in San Francisco as a non-profit research laboratory by a group including Sam Altman, Greg Brockman, Elon Musk and Ilya Sutskever, and later restructured to allow outside equity capital. It sells the ChatGPT assistant to consumers, teams and enterprises on subscription and charges developers for model usage through its API, alongside image, video and audio models. Annual recurring revenue had reached about USD 13 billion by August 2025, up from roughly USD 10 billion in June of that year, and was projected by the company to exceed USD 20 billion by the end of 2025. |
| Mar 2025 | Undisclosed stage | SoftBank Group (lead); Microsoft; Altimeter Capital; Thrive Capital; Coatue | $40B | $300B | OpenAI announced on 31 March 2025 that it had finalised a $40 billion funding round at a $300 billion post-money valuation, the largest private technology financing ever completed. SoftBank Group led with a commitment of up to $30 billion, with Microsoft, Coatue, Altimeter Capital and Thrive Capital among the other participants; $10 billion was funded initially and the remaining $30 billion was scheduled for later in 2025, with SoftBank's commitment reducible to $20 billion if OpenAI failed to convert to a for-profit structure by year end. OpenAI said the proceeds would fund AI research, expand its compute infrastructure including the Stargate data-centre programme with SoftBank and Oracle, and support growth of ChatGPT, which it said was used by 500 million people each week. The valuation nearly doubled the $157 billion set six months earlier, and OpenAI's revenue for 2025 was projected at about $12.7 billion. A further $8.3 billion tranche of the round closed in August 2025. |
| Oct 2024 | Undisclosed stage | Thrive Capital (lead); NVIDIA; MGX; Microsoft; Fidelity; SoftBank Group; Altimeter Capital; Khosla Ventures; Tiger Global | $6.6B | $157B | OpenAI closed a $6.6 billion financing on 2 October 2024 at a post-money valuation of $157 billion, roughly double the $86 billion implied by its employee tender earlier in the year and one of the largest private investments on record. Thrive Capital led with about $1.3 billion and secured an option to invest up to $1 billion more at the same price through 2025; Microsoft, NVIDIA, SoftBank, Khosla Ventures, Altimeter Capital, Fidelity, Tiger Global and Abu Dhabi's MGX also participated, with SoftBank contributing about $500 million and NVIDIA about $100 million. The round was structured as convertible notes contingent on OpenAI completing its planned conversion to a for-profit structure within two years, and OpenAI reportedly asked investors not to back rival labs. The company said the capital would fund frontier research, compute capacity and product development for ChatGPT, which had more than 250 million weekly users; annualised revenue was reported at roughly $3.7 billion for 2024 with a forecast of $11.6 billion for 2025. |
| Feb 2024 | Secondary | Thrive Capital (lead) | - | $80B | - |
| Apr 2023 | Secondary | Andreessen Horowitz (lead); K2 Global (lead); Sequoia Capital (lead); Thrive Capital (lead); SV Angel; Firestreak Ventures; Founders Fund; Tiger Global; Wisdom Ventures | $300M | $29B | OpenAI, the developer of the generative AI chatbot ChatGPT, completed a $300 million share sale through a tender offer in April 2023. VC firms including Andreessen Horowitz, Sequoia Capital, Thrive Capital, K2 Global, Founders Fund, and others purchased shares at a $27 billion to $29 billion valuation. This transaction was separate from Microsoft's earlier $10 billion investment, which closed in January 2023. Andreessen Horowitz, K2 Global, Sequoia Capital, and Thrive Capital acted as lead investors in this round. Sequoia Capital and Andreessen Horowitz were prior backers, while K2 Global, Thrive Capital, and Founders Fund were first-time investors. Following the deal, outside investors owned more than 30% of OpenAI. The tender offer followed a viral surge in interest in OpenAI amid ChatGPT's popularity. No specific revenue, ARR, EBITDA, or valuation multiples were detailed for this transaction. |
| Jan 2023 | Strategic investment | Microsoft (lead) | $10B | $29B | Microsoft announced on 23 January 2023 a multiyear, multibillion-dollar investment in OpenAI, reported at about $10 billion, extending a partnership that began with a $1 billion investment in 2019 and a further round in 2021. The deal, first reported on 10 January, was said to value OpenAI at about $29 billion and was structured so that Microsoft would receive 75% of OpenAI's profits until its investment was recouped, after which it would hold a 49% stake in the capped-profit entity alongside other investors at 49% and the non-profit parent at 2%. Microsoft became OpenAI's exclusive cloud provider, with much of the investment delivered as Azure compute credits, and gained rights to deploy OpenAI's models across its products, which it did through Bing Chat and the Copilot suite over the following months. The investment came two months after the launch of ChatGPT, which had reached an estimated 100 million users. OpenAI's revenue was in the low tens of millions of dollars in 2022 and was projected at around $200 million for 2023. |
| Jul 2019 | Strategic investment | Microsoft (lead) | $1B | - | - |
Who has invested in OpenAI?
26 investors have backed OpenAI across its funding rounds, including Thrive Capital, SoftBank Group, Microsoft, Altimeter Capital, MGX and Andreessen Horowitz.
Lead investors include Robinhood Ventures, Andreessen Horowitz, MGX, NVIDIA, TPG and 7 other investors.
OpenAI Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Apr 2023 | ||
| 4 | Lead | Jul 2019 | ||
| 4 | Lead | Oct 2024 | ||
| 3 | Lead | Oct 2024 | ||
| 3 | Participant | Oct 2024 | ||
| 2 | Lead | Oct 2024 | ||
| 2 | Lead | Oct 2025 | ||
| 2 | Lead | Apr 2023 | ||
| 2 | Lead | Apr 2023 | ||
| 2 | Participant | Apr 2023 | ||
| 2 | Participant | Mar 2025 | ||
| 1 | Lead | Apr 2026 | ||
| 1 | Participant | Oct 2025 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by OpenAI
OpenAI has acquired 23 companies to date.
Last acquisition by OpenAI was on September 14th 2026. OpenAI acquired Glass Imaging for $300M.
Latest Acquisitions by OpenAI
| Description | Glass Imaging is a computational photography company replacing traditional camera lenses with deep neural networks to produce SLR-quality images in ultra-thin modules for mobile devices. San Francisco-headquartered, its technology captures high-resolution photos without protruding bumps by processing light through software algorithms on large sensors. The approach delivers professional-grade dynamic range and low-light performance directly into smartphones. | Instant is a San Francisco-based real-time database service designed as an alternative to Firebase for frontend development. It equips web and mobile applications with persistent, reactive data synchronization directly from the browser. Developers connect to Postgres backends for live queries and offline capabilities without managing complex sync logic. The service handles schema enforcement, authentication, and conflict resolution automatically. Instant supports JavaScript frameworks including React, Vue, and Svelte for rapid prototyping of collaborative apps like chat systems and shared documents. | NextSlideAI is an artificial intelligence company that turns text prompts, notes, and documents into editable slide decks. | Ona (formerly known as Gitpod) is a privacy-first software engineering platform. It provides secure, pre-configured cloud environments for autonomous AI agents to build, test, and manage code while ensuring that all proprietary enterprise data remains strictly within the company's internal network. Ona provides isolated environments with dedicated compute, storage, and networking. This allows AI coding agents (like OpenAI’s Codex) to run continuously in the background even after a human developer closes their laptop. In June 2026, OpenAI acquired Ona to integrate its cloud workspace technology into OpenAI’s Codex assistant, aiming to let AI independently execute complex production tasks. | |
| HQ Country | - | ||||
| HQ City | San Francisco, CA | New York City, NY | - | Kiel | |
| Deal Date | 14 Sep 2026 | 23 Aug 2026 | 8 Aug 2026 | 10 Jun 2026 | |
| Valuation | $300M | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by OpenAI
OpenAI has invested in 18 companies to date.
Latest investment by OpenAI was on July 13th 2026. OpenAI invested in Chai Discovery in their $400M Series C round.
Latest Investments by OpenAI
| Description | Chai Discovery is a San Francisco-based applied AI research lab, founded in 2024, that builds foundation models to predict and design interactions between biochemical molecules for drug discovery. Its models, including Chai-1, Chai-2, and Chai-3, are used to design molecules such as antibodies for difficult drug targets, with its most recent model achieving a de novo antibody hit rate far above prior computational methods. The company's technology has been used by pharmaceutical partners including Eli Lilly, Pfizer, and Novartis. | Poetic is an AI technology company. It develops a platform that automates complex multi-step business workflows in areas such as compliance and underwriting. | Inherent is a company that aims to establish the blueprint for AI-native science. Inherent investigates the boundaries of scientific inquiry. | Biossil is an applied AI drug discovery platform that develops specialized treatments for individual patients. | |
| HQ Country | |||||
| HQ City | San Francisco, CA | Los Angeles, CA | London | Toronto | |
| Deal Date | 13 Jul 2026 | 9 Jun 2026 | 27 May 2026 | 22 Apr 2026 | |
| Round | Series C | Series A | Seed | Undisclosed stage | |
| Raised | $400M | $50M | $50M | $70M | |
| Investors | General Catalyst; Yosemite; Index Ventures; Menlo Ventures; Kleiner Perkins; Battery Ventures; Sequoia Capital; Oak HC/FT; UV Netware; Sapphire Ventures; Thrive Capital | First Harmonic; Kleiner Perkins; Founders Fund; Genius Ventures | Ex/Ante; Index Ventures; NVentures; Macroscopic Ventures; Thomas Wolf; Mythos Ventures; Radical Ventures; Dwarkesh Patel; Metaplanet; Charlie Songhurst; Max Jaderberg | 137 Ventures; Panache Ventures; Staircase Ventures; Modern Capital; Founders Fund; DRI Healthcare Trust; Quiet Capital; Golden Ventures | |
| Valuation | $3.8B | $500M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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OpenAI Competitors
OpenAI competitors include listed companies like Snowflake and Presight AI, and private ones like Anthropic, DeepSeek, Mistral AI and Lovable.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $47B | - | $965B | 20.5x | ||
| Private | - | - | $50B | - | ||
| Private | $400M | - | $24B | - | ||
| Private | $500M | - | $13B | 26.6x | ||
| Publicly listed | $4.7B | ($1.3B) | $121B | 20.9x | ||
| Publicly listed | $825M | $214M | $5.5B | 5.1x |
OpenAI Public Comps
OpenAI is still privately-owned, but its public comps include ASML, AMD, Palantir, Samsung, CrowdStrike, SAP, IBM, Salesforce, ServiceNow and Cloudflare.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $37B | $14B | 18.8x | 14.7x | 49.7x | 35.0x | |||
| $35B | $7.1B | 29.0x | 21.2x | 142.3x | 83.4x | |||
| $4.5B | $1.5B | 104.7x | 63.7x | 322.2x | 106.2x | |||
| $249B | $69B | 4.5x | 2.4x | 16.4x | 4.4x | |||
| $4.8B | ($12M) | 55.1x | 47.1x | (21235.7x) | 158.7x | |||
| $41B | $13B | 5.9x | 5.4x | 18.5x | 17.0x | |||
| $68B | $17B | 4.0x | 3.9x | 16.3x | 14.0x | |||
| $42B | $13B | 5.2x | 4.9x | 16.8x | 11.5x | |||
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Common questions about OpenAI
| When was OpenAI founded? | OpenAI was founded in 2015. |
| Where is OpenAI headquartered? | OpenAI is headquartered in San Francisco, CA, United States. |
| Is OpenAI publicly listed? | No, OpenAI is a private, VC-backed company. |
| What is OpenAI's valuation? | OpenAI was last valued at $852B in its undisclosed-stage round in April 2026. |
| How much funding has OpenAI raised? | OpenAI has raised $188B across 8 funding rounds. |
| What was OpenAI's last funding round? | OpenAI's last funding round was a $75M undisclosed-stage round in April 2026, led by Robinhood Ventures. |
| Who are OpenAI's investors? | OpenAI's investors include Thrive Capital, Microsoft, SoftBank Group, MGX, Altimeter Capital, NVIDIA, T. Rowe Price, Andreessen Horowitz, Sequoia Capital, Tiger Global and 16 others. |
| What is OpenAI's revenue? | OpenAI's latest recorded revenue is $25B (April 2026). |
| What is OpenAI's revenue multiple? | OpenAI's latest valuation implies a 34.1x revenue multiple ($852B valuation on $25B of revenue). |
| Which companies are comparable to OpenAI? | Companies comparable to OpenAI include Anthropic, DeepSeek, Mistral AI, Lovable, Snowflake and Presight AI. |
| How many companies has OpenAI acquired? | OpenAI has acquired 23 companies, including Glass Imaging, Instant, NextSlideAI, Ona and Hiro. |
| What was the largest acquisition by OpenAI? | The $6.5B acquisition of Io in May 2025 is the largest acquisition OpenAI has made to date. |
| How many companies has OpenAI invested in? | OpenAI has invested in 18 companies, including Chai Discovery, Poetic, Inherent, Biossil, Isara Laboratories, Merge Labs, SB Energy and Worktrace AI. |
| What was OpenAI's last investment? | In July 2026, OpenAI invested in Chai Discovery's $400M Series C alongside General Catalyst, Yosemite, Index Ventures and 8 other investors. |
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