OpenAI is preparing for another major capital push, according to a report from The Wall Street Journal. The company is said to be discussing a funding round of up to $40 billion that would value the startup at $340 billion.
The talks point to a central reality of the current AI race: even a company with billions of dollars in the bank may still need much more capital to keep expanding. For OpenAI, the reported raise is tied not only to everyday business needs, but also to the infrastructure demands behind Stargate, its project to build AI data centers across the U.S.
A funding round with a much larger valuation
Per The WSJ, OpenAI is in talks to secure up to $40 billion. If the round closes on the reported terms, the company would be valued at $340 billion.
That would mark a sharp rise from October, when OpenAI was valued at $157 billion. The reported change shows how quickly expectations around OpenAI’s scale have moved, especially as the ChatGPT maker continues to sit at the center of demand for generative AI products and services.
The round would be led by SoftBank, according to The WSJ. SoftBank would invest between $15 billion to $25 billion, making it the central financial backer in the reported deal.
Those figures matter because they describe more than a single investment. They suggest that OpenAI’s next phase may depend on investors willing to finance both software growth and the physical systems needed to support it.
Why OpenAI needs more capital
The source article says OpenAI may already have billions of dollars in the bank. Even so, the company is preparing to raise billions more.
The reason is straightforward: OpenAI’s business is expensive to run. The WSJ says OpenAI would use the capital to fund its money-losing business operations and fulfill its commitment to Stargate.
In 2024, OpenAI reportedly lost around $5 billion against revenues of $3.7 billion. That gap makes clear why additional funding could be important, even for a company that has already reached a very large valuation.
The reported losses also frame the funding talks in practical terms. OpenAI is not simply raising money because AI is a popular category. It is raising money in a context where the cost of operating and expanding the business remains significant.
Stargate brings infrastructure into focus
Stargate is described in the source as OpenAI’s ambitious project to build AI data centers across the U.S. The reported funding round would help OpenAI meet its commitment to that project.
This makes the funding talks about more than product development. Data centers are part of the foundation required to run and scale AI systems. If OpenAI is committing billions of dollars to Stargate to start, the company’s capital needs are linked directly to infrastructure.
OpenAI is pursuing Stargate in conjunction with partners including SoftBank. That means SoftBank appears in the story in two ways: as the reported lead investor in the funding round, and as one of the partners connected to Stargate.
The overlap is important. The same company that may pour between $15 billion to $25 billion into OpenAI is also named among the partners involved as OpenAI aims to contribute billions of dollars to Stargate to start.
What the reported deal would signal
If OpenAI successfully closes the round, the source describes it as a remarkable feat for the startup. The reason is the speed and scale of the valuation increase, from $157 billion in October to a reported $340 billion valuation target.
For readers tracking AI funding, the key point is that OpenAI’s growth story is increasingly tied to capital intensity. Revenue, losses, infrastructure commitments, and investor support are all part of the same picture.
The reported figures show several pressure points at once:
- OpenAI is discussing up to $40 billion in new funding.
- The round would value the startup at $340 billion.
- SoftBank would lead the round with between $15 billion to $25 billion.
- OpenAI reportedly lost around $5 billion in 2024 against revenues of $3.7 billion.
- The money would support business operations and OpenAI’s commitment to Stargate.
Taken together, the funding talks underline the scale of resources now attached to leading AI companies. OpenAI’s reported raise is not just about sustaining momentum. It is about funding the costs of a business that is still losing money while also backing a major AI data center buildout across the U.S.
The deal has not been described as completed in the source article. But the talks alone show where the stakes are moving: toward larger funding rounds, higher valuations, and deeper ties between AI software companies and the infrastructure needed to power them.