ChatGpt-Maker Openai raised $8.3 billion at a valuation of $300 billion, the New York Times reports. The deal is part of Openai's broader strategy to secure $40 billion this year.
According to NYT, the oversubscribed round came a few months earlier than planned. Openai initially announced its intention to raise $2.5 billion from VC companies in March and $40 billion in the round led by SoftBank. The AI giant had planned to undertake another $7.5 billion by the end of the year, but investors became Clamber and beat the punch to reach the cap table amid impressive growth.
On Thursday, the information reported that Openai reached $12 billion in annual revenue, surpassing 700 million ChatGPT Active users. The Times said today that numbers are close to $13 billion and there is a forecast of $20 billion by the end of the year. Other tailwinds include the Trump administration's AI Action Plan and discussions with Microsoft that will help startups achieve their goal of becoming a true for-profit company.
The Times reported that Dragoneer Investment Group, an investor under the radar, led the round with an astounding $2.8 billion check. Many new investors participated in the round, including Private Equity Giants Blackstone and TPG, and mutual fund manager T. Low Price. Other participants include Altimeter Capital, Andreessen Horowitz, Coatue Management, D1 Capital Partners, Fidelity Management, Founders Fund, Sequoia Capital, Tiger Global, and Thrive Capital.
Some early Openai investors reportedly were disappointed with the smaller allocation they got in the round as AI Behemoth prioritized it to attract new strategic supporters.
TechCrunch reached out to Openai for comment.