OpenAI Extends Record Funding Round to $120 Billion With Fresh $10 Billion From Microsoft, Andreessen Horowitz, and Others

OpenAI has raised an additional $10 billion from investors, extending its record-breaking funding round to “north of $120 billion,” CFO Sarah Friar confirmed on CNBC’s Mad Money on Tuesday, March 24.

The fresh capital well exceeds the ChatGPT maker’s initial target of $100 billion. The new $10 billion commitment includes Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG, and T. Rowe Price, according to Friar. Microsoft, OpenAI’s longtime computing partner and investor, also joined this latest tranche.

“What I’m really pleased about is we raised money all around the ecosystem,” Friar told host Jim Cramer, pointing to participation from venture capital firms, private equity players, mutual funds, and sovereign entities. “It didn’t matter where you went, people really believed in this AI revolution and they wanted to put their money to work behind it.”

The Numbers Behind the Record

The extension comes roughly one month after OpenAI announced the initial $110 billion round on February 27 at a $730 billion pre-money valuation. In that first tranche, Amazon committed $50 billion (starting with $15 billion, with another $35 billion conditional on “certain conditions”), NVIDIA invested $30 billion, and SoftBank contributed $30 billion.

OpenAI generated $13.1 billion in revenue in 2025, surpassing its $10 billion target, while burning through $8 billion. The company has 900 million weekly active users of ChatGPT.

Friar disclosed that approximately 60% of OpenAI’s revenue currently comes from consumers, with roughly 40% tied to enterprise accounts. “And that’s actually been growing faster. I think by the end of this year we’ll be more 50-50,” she said.

What $120 Billion Buys

OpenAI has told investors it is targeting roughly $600 billion in total compute spend by 2030, a figure revised down from CEO Sam Altman’s earlier mention of $1.4 trillion in infrastructure commitments. The company projects total 2030 revenue of more than $280 billion, split roughly evenly between consumer and enterprise.

Alongside Amazon’s investment, the two companies announced a multi-year strategic partnership to build custom models for Amazon’s customer-facing applications. OpenAI also expanded its existing $38 billion AWS agreement by $100 billion over the next eight years.

Microsoft Stays in the Round

Friar called Microsoft “an incredible partner” and praised CEO Satya Nadella for being “there early.” Microsoft’s participation in the latest $10 billion tranche marks its return to the fundraise after initially sitting out the February round. At the time of the $110 billion announcement, OpenAI stated that “nothing about this announcement in any way changes the terms” of its Microsoft partnership, and that Microsoft had an option to participate as the round progressed.

What It Means for the AI Market

At $120 billion, this is by far the largest private funding round in technology history, more than double OpenAI’s $40 billion raise from March 2025, which itself was a record at the time. The round has been described as possibly OpenAI’s last private fundraise before a potential initial public offering.

Serving enterprise clients is “a very profitable business at scale, and that’s how we will build a sustainable business model,” Friar said. OpenAI lists clients including Amgen, Lowe’s, Estée Lauder, and JetBlue, while competitor Anthropic draws roughly 80% of its revenue from enterprise accounts with clients like Shopify, HubSpot, and Spotify, according to CNBC.