OpenAI announced on March 31, 2025, that it had raised $40 billion at a $300 billion post-money valuation. The figure describes that financing round—not a verified current valuation. SoftBank’s transaction documents use a $260 billion pre-money valuation, and the investor later reported that the amended investment was completed for up to $41 billion.
How much did OpenAI raise, and what was it valued at?
OpenAI’s March 31, 2025 announcement described a $40 billion funding round at a $300 billion post-money valuation. The company said the money would support AI research, expand compute infrastructure, and help deliver its tools. OpenAI’s announcement is the source for those headline terms and its stated plans.
“Post-money” means the valuation after the new financing is included. The $300 billion figure is therefore the announced round’s post-money valuation, not a current valuation estimate or an independently verified appraisal.
Why do reports say $300 billion post-money and $260 billion pre-money?
They describe the transaction from two points in time. Pre-money valuation refers to the stated company value before new financing; post-money refers to the value after it. SoftBank’s April 1, 2025 transaction terms listed a $260 billion pre-money valuation and an original investment agreement of up to $40 billion. Those stated figures align arithmetically with the $300 billion post-money headline: $260 billion plus $40 billion.
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This arithmetic explains how the terms fit together; it does not make either figure a separate appraisal. SoftBank’s later closing table continued to use the $260 billion pre-money figure.
How did SoftBank’s investment change, and was it completed?
SoftBank announced on April 1, 2025, that it had entered a definitive agreement for follow-on investments of up to $40 billion. The original structure included an initial $10 billion closing and a planned second closing of up to $30 billion if funding conditions were met. If they were not met by the stated deadline, the second closing was to be $10 billion. SoftBank said it planned to syndicate $10 billion of the original investment to co-investors. Its transaction announcement sets out the terms.
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SoftBank’s subsequent financial report records the later developments and completion status:
- April 2025: The first $10 billion closing was completed: $7.5 billion invested by SoftBank Vision Fund 2 (SVF2) and $2.5 billion syndicated to co-investors.
- August 2025: An amendment raised the maximum transaction amount from $40 billion to $41 billion. The additional $1 billion was allocated exclusively to co-investors.
- October 2025: The recapitalization of OpenAI Global, LLC was completed, and investors became shareholders of the newly established OpenAI Group PBC.
- December 2025: SoftBank reported completion of the second closing and the full $11 billion co-investor syndication. It reported $22.5 billion invested by SVF2 at the second closing.
In its report for the nine months ended December 31, 2025, SoftBank described the overall amount as $41 billion and reported that SVF2’s cumulative investment represented an approximately 11% ownership interest. That is SoftBank’s reported stake after completion; it is not the percentage acquired solely through this round. SoftBank’s financial reports provide the later transaction details. Reuters also reported the completion on December 30, 2025: Reuters’ report.
Does the later $41 billion amount change the $40 billion headline?
No. The $40 billion figure is OpenAI’s March 2025 announcement. The $41 billion figure reflects SoftBank’s August amendment, including an extra $1 billion allocated exclusively to co-investors, and the amount SoftBank later reported after the closings. They are dated figures describing the original announcement and the amended transaction, rather than competing totals for an unchanged agreement.
Is the $300 billion figure OpenAI’s current valuation?
It should not be presented that way. It is the post-money valuation announced for the March 2025 primary financing round. Reuters later reported that a separate secondary stock sale valued OpenAI at around $500 billion, attributing that figure to PitchBook data. A secondary sale is a different transaction from a company financing round, so its reported valuation is not a revision to the original round’s terms. Reuters’ secondary-sale report covers that separate event.
The cited transaction and financial-reporting materials establish the 2025 round and its completion, but do not establish OpenAI’s valuation as of October 8, 2026. Neither the $300 billion round figure nor the separate secondary-sale figure should be treated as a verified present-day valuation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why did OpenAI and SoftBank say the financing mattered?
OpenAI said it would use the funding to advance AI research, scale compute infrastructure, and deliver increasingly capable tools. SoftBank described OpenAI as important to its AI strategy and connected the investment to computing needs and the Stargate Project, which it described as dedicated U.S. AI infrastructure. These are the companies’ stated rationales, not proof of what the financing ultimately achieved.
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