OpenAI Raises $122 Billion at $852 Billion Valuation — The Largest Private Funding Round in History

OpenAI closed a $122 billion funding round on March 31, 2026 at an $852 billion post-money valuation — the largest private fundraise ever. Amazon committed $50 billion ($35B contingent on IPO or AGI milestones), SoftBank pledged $30 billion in quarterly tranches, and NVIDIA invested $30 billion. Retail investors participated for the first time via bank channels ($3B). ARK Invest added OpenAI to three ETFs. The company reports $2 billion monthly revenue but projects breakeven no earlier than 2030, with annual cash burn reaching $57 billion by 2027. An IPO may come as early as Q4 2026. This analysis covers the funding structure, competitive dynamics with Anthropic ($380B valuation), the PBC restructuring, valuation skepticism, and the honest limitations of every claim.