The new round of fundraising, totaling $6.6 billion, boosts OpenAI’s market valuation to $157 billion, almost double the previous valuation, and is one of the largest-ever private investments, just short of the $7 billion invested in Tesla in a round led by Elon Musk in 2018 who had tweeted about taking the firm private.

Sam Altman’s OpenAI raised $6.6 billion in a new fundraising round that nearly doubled its valuation to $157 billion – and has reportedly asked participants not to give money to rivals like Elon Musk’s xAI as competition in the sector heats up.

OpenAI has completed a deal to raise $6.6 billion in new funding, giving the artificial intelligence company a $157 billion valuation and bolstering its efforts to build the world’s leading generative AI technology.

The new investors jumped on board after the artificial intelligence startup planned to switch from a charitable non-profit to a for-profit, product-focused company. If OpenAI fails to make the move to for-profit,

OpenAI announced on Wednesday it has completed its long-anticipated funding round, raising $6.6 billion in the largest venture capital deal of all time, which values the company at $157 billion. The intrigue: OpenAI is planning to shift to a for-profit structure and investors can ask for their money back if it hasn't completed those changes in two years,