OpenAI closed a $122B funding round—the largest in startup history—at an $852B valuation on March 31, 2026. Amazon ($50B), NVIDIA ($30B), and SoftBank ($30B) were the largest participants, with the round co-led by SoftBank, Andreessen Horowitz, D.E. Shaw Ventures, MGX, and TPG. For the first time, OpenAI extended participation through bank channels to individual investors, raising $3B from retail participants. The company reported annualized revenue of approximately $25B as of February 2026. A Q4 2026 IPO is reportedly in planning.