A OpenAI secured a new $4 billion revolving credit facility, announced the creator of ChatGPT on Thursday (3), one day after closing a $6,6 billion financing round, cementing its position as one of the most valuable private companies in the world.
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The new credit line will boost its liquidity to $10 billion, allowing the startup to acquire expensive computing power, including chips from Nvidia, as it races with tech giants such as Google, from Alphabet.
âThis credit facility further strengthens our balance sheet and provides flexibility to take advantage of future growth opportunities,â said Sarah Friar, CFO of OpenAI.
The credit line is with JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC.
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The startup at the center of the generative AI boom raised new funding on Wednesday at a valuation of nearly $157 billion from venture capitalists who have previously backed it, including Thrive Capital and Khosla Ventures.
Your biggest corporate supporter, Microsoft, and the new investor Nvidia also participated in the financing, which came in the form of convertible notes.
Conversion to equity is contingent on a successful structural change to a for-profit company and the removal of the return cap for investors.
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The latest funding coincided with executive changes, including the abrupt departure of former Chief Technology Officer Mira Murati last week.
The personnel changes have not dampened the enthusiasm of most investors, who expect significant growth based on the CEO's projections. Sam Altman.
The company is on track to generate $3,6 billion in revenue this year, even as losses top $5 billion. It expects a big jump in revenue next year to $11,6 billion, according to people familiar with the figures.
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A OpenAI is also offering Thrive Capital an advantage no other investor is getting: the ability to invest an additional $1 billion next year, at the same valuation, if the AI ââcompany hits a revenue target.
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