OpenAI has raised $110 billion in a deal that values the company at $730bn pre-money, a jump on a $500bn valuation in October.

Leading the round is Amazon, with a $50bn investment, followed by Nvidia and SoftBank, who both invested $30 billion.

As part of the investments, the company will use 2GW of Trainium capacity through AWS. With Nvidia, it will use 3GW of dedicated inference capacity and 2GW of training on Vera Rubin systems.

“We’re pushing the frontier across infrastructure, research, and products to make AI more capable, reliable, and broadly useful," OpenAI CEO Sam Altman said.

"SoftBank, Nvidia, and Amazon are long-term partners who share our ambition to turn real scientific progress into systems that deliver meaningful benefits for people at global scale. Building AI that works for everyone will require deep collaboration across the stack, and we’re excited to do this together.”

More investors are expected to join as the round progresses. Amazon's investment will initially be $15bn, with the remaining $35bn in the coming months, should undisclosed conditions be met.

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