ChatGPT parent OpenAI raises $122 billion in record funding round, valuation hits $852 billion

OpenAI has completed the largest private funding round, raising $122 billion ahead of its blockbuster initial public offering (IPO) expected to be launched by the end of this year.

The deal, which values the ChatGPT-maker at $852 billion, aims to support its costly push to manufacture more chips, build data centres, and hire talent as the artificial intelligence race heats up. The company’s valuation includes the money raised.