“OpenAI Fundraising Set to Vault Startup’s Valuation to $150 Billion”, 2024-09-11 (; similar):
OpenAI is in talks to raise $6.5 billion from investors at a valuation of $150 billion, according to people familiar with the situation.
The new valuation, a figure that doesn’t include the money being raised, is substantially higher than the $86 billion valuation from the company’s tender offer earlier this year…The funding round is slated to be led by Thrive Capital, Bloomberg previously reported. Thrive declined to comment on the latest valuation. Microsoft, the company’s largest investor, is also set to participate, and Apple and Nvidia have been in talks about investing.
At the same time, OpenAI is also in talks to raise $5 billion in debt from banks in the form of a revolving credit facility, said one of the people, all of whom asked not to be identified discussing private information…OpenAI is not the first major tech startup to turn to Wall Street banks for a revolving credit facility. A slew of technology companies, including Facebook, Alibaba, Uber, and DoorDash have tapped Wall Street for credit lines before pursuing an initial public offering, often in part to strengthen banking relationships. Historically, companies tend to reward banks that make big credit commitments with roles on their IPOs. In return, lenders sometimes offer better terms on the financing.