OpenAI has closed a long-running funding round, raising $122 billion, much of which will be spent on data centers.

The ChatGPT-maker announced on Tuesday that its latest fundraising was complete, and that the round valued the business at $852 billion.

As reported by DCD in February, Amazon is the lead investor in the round, contributing $50 billion, with Nvidia and SoftBank both adding $30 billion to the pot. It has previously been reported that Amazon’s investment will comprise $15 billion up front, with the rest to follow if certain conditions are met.

OpenAI, for its part, has agreed to use 2GW of Trainium capacity on Amazon's AWS public cloud platform.

In February, OpenAI said it had raised $110 billion at a $730 billion valuation, meaning it has found another $12 billion since then, and the company's value has jumped by $122 billion.

The funding round is supported by a long list of investment firms. Additionally, OpenAI said it had raised $3 billion from individual investors and extended its credit facility with a consortium of big banks to $4.7 billion.

It will use the money to pay for the digital infrastructure that powers ChatGPT and its other tools.

“Over the past 15 months, we have expanded our infrastructure strategy beyond a small number of core providers to meet the scale and reliability requirements of global AI deployment, the company said.

“Demand for AI systems is growing faster and becoming more diverse. No single architecture can efficiently meet the needs of the entire AI frontier. To meet that demand and stay flexible, we are building a broader infrastructure portfolio across multiple cloud partners, multiple chip platforms, and deeper co-design across the stack.”

OpenAI plans to spend $600bn on compute over the next four years across Microsoft Azure, Oracle Cloud, AWS, CoreWeave, Google Cloud, and other providers.

Sam Altman’s company claims it is now generating $2 billion in revenue per month, and says it is “growing revenue four times faster than the companies that defined the Internet and mobile eras, including Alphabet and Meta.” As it is not a listed company, it is under no obligation to publicly report its full financial details.