Not a Rounding Error: OpenAI's $12B Gap
The $12 billion gap between OpenAI's announced round and its actual close is not a rounding error. Amazon is betting $35 billion that the company reaches AGI before the end of 2028 — or the obligation disappears.
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OpenAI closed its latest funding round at $122 billion in committed capital at an $852 billion post-money valuation, an $12 billion increase from the initial $110 billion announcement. The funding structure includes a first-ever retail investment channel raising over $3 billion, alongside structured commitments from Amazon ($50B total: $15B in Series C Preferred, $35B contingent on IPO or AGI by Dec 31, 2028), Nvidia ($30B partially in GPU capacity), and SoftBank ($30B backed by a $40B loan). The company is now generating $2 billion in monthly revenue with enterprise revenue comprising over 40% of total sales.
- •Amazon's $35 billion tranche is contingent on OpenAI IPOing or achieving AGI by end of 2028, effectively pricing an AGI option into the investment structure with less than three years of runway.
- •Nvidia's $30 billion commitment includes significant GPU capacity and infrastructure rather than pure cash, bundling compute access with capital investment.
- •OpenAI's $2 billion monthly revenue rate represents roughly 4x the $13.1 billion annual revenue from 2025, indicating accelerating monetization despite ongoing losses.
