Apple sits out OpenAI funding round as valuation hits $157-billion

OpenAI, the company behind ChatGPT, has raised $6.6-billion from investors, including Microsoft and Nvidia.

behind ChatGPT, has raised US$6.6-billion from investors, which could value the company at $157-billion and cement its position as one of the most valuable private companies in the world.

The closing of the funds coincides with the company’s ongoing restructuring efforts and executive changes, including the abrupt departure of its longtime chief technology officer, Mira Murati, last week. Thrive Capital, which committed about $1.2-billion from a combination of its own fund and a special purpose vehicle for smaller investors, negotiated the option to invest another $1-billion next year at the same valuation if the AI firm hits a revenue goal, sources added.

The personnel changes haven’t deterred enthusiasm from most investors, who are anticipating significant growth based on the projections by OpenAI CEO Sam Altman.The company is on pace to generate $3.6-billion in revenue this year on mounting losses of over $5-billion. It projects major revenue jump next year to $11.6-billion, according to sources familiar with the figures.

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