OpenAI Raises $6.6B At $157B Valuation

has announced its long-awaited raise of $6.6 billion at a post-money valuation of $157 billion led by .

The new round makes the creator one of the most valuable private companies in the world and also included investment from the likes of , , , , , and Abu Dhabi-based MGX. Just this week it was 厂辞蹿迟叠补苍办鈥檚 would invest $500 million in the round.

Late last week it was was dropping out of the round.

OpenAI鈥檚 tumultuous weeks

The new round comes just as the company is facing myriad issues, including an exodus of higher-up employees and a restructuring change to switch it from a nonprofit to a for-profit benefit corporation and to give co-founder equity in the company

The funding structure seems to take those factors into account, as it came in the form of convertible notes and allows for investors to ask for their money back if the change is not completed within two years and removes the cap on returns for investors.

The new round is bigger than the $6 billion round 鈥檚 generative AI startup, , officially announced in May 鈥� which made it the second-most-valuable generative AI company in the world behind only competitor at $24 billion. xAI鈥檚 round was the largest round raised this year.