OpenAI Raises $110B: Amazon, SoftBank, Nvidia Back the Round

OpenAI closed a $110 billion funding round on February 27, 2026, led by Amazon ($50 billion), Nvidia ($30 billion), and SoftBank ($30 billion). The round values OpenAI at $840 billion including the capital raised — making it the largest private technology funding round in history.

Who Invested and How Much

Amazon is the largest investor with $50 billion committed, though $35 billion of that is conditional on OpenAI meeting unspecified milestones. Nvidia and SoftBank each contributed $30 billion.

Microsoft, OpenAI's longtime backer and the company that committed $13 billion across earlier rounds, did not participate. OpenAI said the Microsoft partnership terms are unchanged.

The funding structure is notable: this is not a simple equity round. Amazon's investment is paired with a major expansion of the existing AWS infrastructure agreement. OpenAI extended its compute capacity deal with Amazon Web Services by $100 billion over the next eight years, bringing the total AWS commitment to approximately $138 billion. Amazon is simultaneously the investor and the infrastructure provider.

What the $840 Billion Valuation Actually Means

At $840 billion, OpenAI is valued higher than every public company except Apple, Nvidia, Microsoft, and Amazon itself.

For reference: OpenAI's last public revenue figure was approximately $3.7 billion annualised. The $840 billion valuation implies a revenue multiple of over 200x. The bet being made here is not on what OpenAI earns today. It is on what the company earns when AI agents are embedded across enterprise software, consumer applications, and government infrastructure. Leopold Aschenbrenner, fired by OpenAI in 2024, made a related bet — not on OpenAI directly, but on the power infrastructure that would be needed to run it.

SoftBank's $30 billion investment follows its $15 billion commitment in early 2025 and reflects Masayoshi Son's view that general AI is the single most important technology investment opportunity of the decade.

Why Nvidia Investing Matters Separately

Nvidia investing $30 billion in OpenAI is a strategic signal as much as a financial one. Nvidia's business depends on AI training and inference compute remaining central to how AI companies operate. A well-funded OpenAI building on Nvidia hardware keeps demand high for H100, H200, and Blackwell-generation GPUs.

The relationship also signals alignment against the risk that OpenAI shifts significantly toward custom silicon — either Google TPUs, Amazon Trainium, or its own chips. Nvidia's investment is a relationship investment.

What Microsoft Not Participating Means

Microsoft holds equity in OpenAI and has deployed OpenAI models across Azure, Office 365, and Copilot. Its absence from this round does not signal a rupture. Microsoft confirmed partnership terms are unchanged.

But the composition of this round is a shift. Amazon is now a major infrastructure partner and investor, which means OpenAI's future compute buildout runs predominantly on AWS rather than Azure. That is a direct competitive dynamic between Amazon and Microsoft playing out inside the AI supply chain.

Key Takeaways

• $110 billion raised on February 27, 2026 — the largest private tech funding round ever recorded
• $840 billion valuation (pre-money: $730 billion)
• Amazon: $50B (of which $35B is milestone-conditional), Nvidia: $30B, SoftBank: $30B
• $100 billion AWS compute expansion over 8 years included in the deal
• For developers: OpenAI products built on AWS infrastructure means Azure is no longer the default cloud for OpenAI compute; this will affect latency and regional availability over time
• What to watch: Whether Microsoft deepens its own AI model investments (Phi, MAI) as OpenAI's compute infrastructure moves toward AWS