Sou Hu Cai Jing·2026-02-28 15:35Core Insights - OpenAI has secured a new investment of $110 billion from Amazon, Nvidia, and SoftBank, raising its pre-investment valuation to $730 billion, with specific conditions attached to these investments [2] Investment Structure - Amazon's investment of $50 billion includes $35 billion that will only be paid upon meeting specific conditions, such as renting 2 gigawatts of Trainium AI accelerators and deploying OpenAI models on AWS [2][6] - Nvidia's $30 billion investment also has similar conditions, requiring the deployment of 5 gigawatts of computing capacity based on the Vera Rubin system [3][6] - Both Amazon and Nvidia's investments are structured to ensure that every dollar invested yields returns, effectively providing discounts on computing infrastructure without diluting their revenues [5] Operational Support - SoftBank plans to invest an additional $30 billion in OpenAI to support its operations, with payments structured in three phases of $10 billion each, starting in April and concluding in October [5] Financial Performance - OpenAI has reported annual recurring revenue exceeding $20 billion and over 50 million paid subscribers, but it is expected to rely on external funding until at least 2029 to achieve profitability [5][7] Relationship with Microsoft - OpenAI has clarified that the recent investment announcements will not alter the terms of its relationship with Microsoft, with Azure remaining the exclusive cloud provider for OpenAI's API and first-party products [2][7]