OpenAI has raised $110 billion in private funding, the company announced Friday morning, commencing one of the largest private funding rounds in history. The new funding consists of a $50 billion investment from Amazon as well as $30 billion each from Nvidia and SoftBank, against a $730 billion pre-money valuation.

Notably, the round remains open, and OpenAI expects more investors to join as it proceeds.

“We are entering a new phase where frontier AI moves from research into daily use at global scale,” OpenAI said. “Leadership will be defined by who can scale infrastructure fast enough to meet demand, and turn that capacity into products people rely on.”

As part of the investment, OpenAI is launching significant infrastructure partnerships with both Amazon and Nvidia. As in previous rounds, it is likely that a significant portion of the dollar amount comes in the form of services rather than cash, although the precise split was not disclosed.

The company’s previous round closed in March 2025, raising $40 billion against a $300 billion valuation. At the time, it was the largest private funding round on record.

As part of its Amazon partnership, OpenAI plans to develop a new “stateful runtime environment” where OpenAI models will run on Amazon’s Bedrock platform. The company will also expand its previously announced AWS partnership, which committed $38 billion in compute services, by $100 billion. OpenAI has committed to consuming at least 2GW of AWS Tranium compute as part of the deal, and also plans to build custom models to support Amazon consumer products.

“We have lots of developers and companies eager to run services powered by OpenAI models on AWS,” said Amazon CEO Andy Jassy in a statement, “and our unique collaboration with OpenAI to provide stateful runtime environments will change what’s possible for customers building AI apps and agents.”

The Information had previously reported that $35 billion of Amazon’s investment could be contingent on the company either achieving AGI or making its IPO by the end of the year. OpenAI’s announcement confirms the funding split, but says only that the additional $35 billion will arrive “in the coming months when certain conditions are met.”

OpenAI gave fewer details on the Nvidia partnership, but said it had committed to using “3GW of dedicated inference capacity and 2GW of training on Vera Rubin systems” as part of the deal.

Nvidia’s participation in the round has been the subject of intense speculation, particularly as reports of a $100 billion investment in September gave way to reports of a smaller investment in the months that followed.

In January, Huang dismissed the idea that Nvidia was backing away from OpenAI, saying, “we will invest a great deal of money. I believe in OpenAI. The work that they do is incredible.”