OpenAI closes record-breaking $122 billion funding round as anticipation builds for IPO

Core Insights - OpenAI has closed a record-breaking funding round with a post-money valuation of $852 billion [1] - The funding round raised a total of $122 billion, an increase from the previously announced $110 billion [2] - OpenAI's ChatGPT has become a significant driver of its growth, supporting over 900 million weekly active users and more than 50 million subscribers as of March [3] Company Developments - The funding will enable OpenAI to continue leading in the AI sector, which is driving productivity gains and scientific discovery [4] - CEO Sam Altman faces pressure to justify the company's high valuation, especially with a potential IPO on the horizon [4] - OpenAI has been scaling back on some spending plans and has closed certain features and products, such as the short-form video app Sora, to manage costs [4]