Founded Dec 2015 · AI lab · Private (confidential S-1 filed May 2026)

OpenAI Financials

The funding-round arc from the Microsoft 2019 $1 billion commitment through the March 31, 2026 $122 billion round at an $852 billion post-money valuation, the October 28, 2025 recapitalization that turned the capped-profit subsidiary into OpenAI Group PBC under OpenAI Foundation control (Foundation ~26% / ~$130 billion; Microsoft ~27% / ~$135 billion; employees and investors ~47%), the April 27, 2026 Microsoft partnership revamp (non-exclusive cloud, capped 20% revenue share through 2030, IP license through 2032, $250 billion incremental Azure commitment), the revenue trajectory from $3.7 billion in 2024 to $13.1 billion in 2025 to over $2 billion per month by March 2026, the $500 billion Stargate joint venture with Oracle, SoftBank, and MGX, and the May 22, 2026 confidential S-1 filing — every claim cited to a primary source.

Sibling pages: OpenAI Leadership (the eleven co-founders, the November 2023 board episode, the for-profit-conversion fight, the senior-departures table) · OpenAI Lawsuits (the Musk v. Altman docket and related litigation). Cross-section: ChatGPT Versions. Roster row: OpenAI on /orgs/.

Latest round raised

$122B

Closed Mar 31, 2026, anchored by Amazon, NVIDIA, and SoftBank, co-led by SoftBank with a16z, D. E. Shaw Ventures, MGX, TPG, and T. Rowe Price–advised accounts; over $3 billion from individual investors via bank channels.

Last announced post-money

$852B

March 31, 2026 post-money. Roughly 2.8x the $300 billion mark from the March 2025 SoftBank-led tender; secondary-market and underwriter-conversation marks have implied above $1 trillion at IPO pricing.

Latest disclosed revenue (run-rate)

$2B/mo

As of March 2026, per the March 31 funding-round announcement. Implies a ~$24 billion annualized run-rate. FY2025 recognized revenue was $13.1 billion per CFO Sarah Friar's disclosures.

IPO state

Confidential S-1

Confidential draft S-1 filed with the SEC on May 22, 2026 per CNBC, Axios, and Fortune reporting. Goldman Sachs and Morgan Stanley lead. Targeted listing window: fall 2026.

OpenAI confidentially filed a draft Form S-1 with the SEC on May 22, 2026. The filing landed roughly eight weeks after the March 31, 2026 $122 billion round at an $852 billion post-money valuation, and seven months after the October 28, 2025 recapitalization that turned the for-profit subsidiary into OpenAI Group PBC under OpenAI Foundation control. The submission is a draft — the JOBS Act lets pre-IPO companies submit confidentially so the SEC review can run before any public Form S-1 lands — so the full prospectus, including disaggregated revenue, gross margin, unit economics, and per-product splits, will not be publicly readable until OpenAI converts the draft to a public Form S-1 ahead of the road show. Reporting names Goldman Sachs and Morgan Stanley as lead underwriters, with a target listing window in fall 2026 subject to SEC review and market conditions. CEO Sam Altman has said publicly that "filing for an IPO is different from being ready to go public," explicitly preserving the option to delay.

What this changes about this page. Until the confidential S-1 converts to a public Form S-1, the document itself is not publicly readable. The funding-rounds table, revenue trajectory, recapitalization subsection, Microsoft-partnership subsection, named-customer roster, and acquisitions table below stay anchored on OpenAI's own news posts, Microsoft's 10-Q footnotes (which mark the OpenAI stake to fair value), the partner-side disclosures from Amazon and NVIDIA, and contemporaneous reporting. Once the public S-1 lands, audited GAAP financials, disaggregated revenue, per-product unit economics, and customer-concentration disclosure become part of the source set, and the page absorbs them as a separate section. Once OpenAI prices and lists, the page transitions to the public-company matched-set shape used on Microsoft, Alphabet, Oracle, and the rest — EDGAR XBRL-driven headline charts, a live TradingView ticker, and an Earnings Reaction History section.

The October 28, 2025 recapitalization — OpenAI Foundation, OpenAI Group PBC, and the new cap table

On October 28, 2025, OpenAI completed a multi-year corporate restructuring that converted the capped-profit operating subsidiary into OpenAI Group PBC, a Delaware public benefit corporation, and renamed the controlling nonprofit from OpenAI Inc. to the OpenAI Foundation. The Foundation retains charter authority over the PBC's mission and elects PBC board seats; ordinary cap-table economics flow to all classes of shareholders per the new charter, with the Foundation itself holding an equity stake rather than only governance rights. This is the structural endpoint of the for-profit-conversion fight that traces back to the 2019 capped-profit creation, the November 2023 board episode, and the Musk v. Altman docket — covered in detail on the sibling OpenAI Leadership and OpenAI Lawsuits pages.

Disclosed post-conversion allocation (per OpenAI and Microsoft's joint announcement, and Microsoft's October 28, 2025 blog post on the next chapter of the partnership):

The headline post-money valuations cited elsewhere on this page (the $852 billion March 2026 mark, the $500 billion implied October 2025 secondary mark, etc.) are valuations of OpenAI Group PBC. The Foundation's controlling-nonprofit role is a governance overlay backed by a real economic stake; the PBC's equity remains the cap-table object that subsequent venture rounds and the S-1 price.

Funding rounds

Newest round first. Each row's Confirmed / Reported pill reflects whether the dollar figures come from a primary source (OpenAI's own announcement or a partner press release) or from contemporaneous reporting. Click a row to expand the round's prose detail and source links. The Microsoft strategic commitments are listed alongside the venture rounds because they have flowed in multi-tranche increments tied to Azure-capacity allocations and partnership terms rather than as discrete priced rounds; the Microsoft-partnership section below carries the cumulative-commitment view.

$122B round $122B at $852B post-money Confirmed

On March 31, 2026 OpenAI announced it had closed $122 billion in committed capital at a $852 billion post-money valuation, the largest single funding round in the history of private markets to date. The round was anchored by Amazon, NVIDIA, and SoftBank; co-led by SoftBank alongside Andreessen Horowitz, D. E. Shaw Ventures, MGX, TPG, and accounts advised by T. Rowe Price Associates; with continued participation from long-term partner Microsoft.

Additional participating investors: Altimeter, Appaloosa LP, ARK Invest, affiliated funds of BlackRock, Blackstone, Coatue, D1 Capital Partners, Dragoneer, Fidelity Management & Research Company, Goanna Capital, Insight Partners, The Paragon Group, Sands Capital, Sequoia Capital, Sound Ventures, Temasek, Thrive Capital, UC Investments, and Winslow Capital.

First retail allocation. OpenAI extended participation to individual investors through bank channels for the first time, raising over $3 billion from retail investors. Concurrently, OpenAI announced inclusion in several ARK Invest exchange-traded funds, broadening ownership ahead of the public listing.

Revolving credit facility. OpenAI separately expanded its revolving credit facility to approximately $4.7 billion, syndicated to JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Wells Fargo, Mizuho, Royal Bank of Canada, SMBC, UBS, HSBC, and Santander. The facility was undrawn at close.

Disclosed business metrics at the close. ChatGPT exceeded 900 million weekly active users and 50 million paid subscribers; OpenAI was generating $2 billion per month in revenue; enterprise made up more than 40% of revenue and was tracking to parity with consumer by year-end 2026; the APIs were processing more than 15 billion tokens per minute; Codex served over 2 million weekly users with usage growing more than 70% MoM; the ads pilot reached over $100 million in ARR in under six weeks.

Primary source: "OpenAI raises $122 billion to accelerate the next phase of AI," openai.com news, March 31, 2026. Anchor commitments reported in Bloomberg ($50B Amazon / $30B NVIDIA / $30B SoftBank) and CNBC.

Oct 2025 tender ~$500B implied secondary mark Reported

In October 2025, contemporaneous reporting marked OpenAI at approximately $500 billion via a secondary tender that let employees sell into a pool of new investor capital. The mark was set against the backdrop of the October 28, 2025 recapitalization (see the recapitalization callout) and bridged the March 2025 SoftBank-led round ($300 billion) to the March 2026 $852 billion mark. The tender was not a priced primary round and is omitted from the valuation arc; it is surfaced here for historical context only.

Sources: contemporaneous reporting in WSJ, NYT, Bloomberg, and The Information. OpenAI did not publish a standalone funding announcement for the secondary tender.

$40B SoftBank round $40B at $300B post-money (tranches) Confirmed

In March 2025 OpenAI announced a $40 billion round led by SoftBank at a $300 billion post-money valuation. The commitment was structured in tranches tied to OpenAI's progress on the for-profit-conversion milestones that culminated in the October 2025 recapitalization. Participating investors included Microsoft, Coatue, Altimeter, and Thrive Capital. The announcement framed the round as funding both ChatGPT scale and the Stargate infrastructure joint venture.

Primary source: OpenAI announcement March 2025; subsequent SoftBank investor disclosures confirmed the staged-tranche structure. Reporter coverage in Bloomberg, WSJ, NYT, and Reuters.

$6.6B round $6.6B at $157B post-money Confirmed

On October 2, 2024 OpenAI closed a $6.6 billion round at a $157 billion post-money valuation, led by Thrive Capital, with participation from Microsoft, NVIDIA, SoftBank, Khosla Ventures, Altimeter, Fidelity, Tiger Global, and MGX. The round was, at the time, the largest venture round in history, and the post-money mark roughly doubled from the January 2024 $86 billion mark inside nine months.

Sources: OpenAI announcement October 2, 2024; primary reporting in WSJ, Bloomberg, NYT, Reuters.

Jan 2024 tender ~$86B implied valuation Reported

In January 2024, reporting in WSJ, Bloomberg, and NYT indicated OpenAI was in talks with Thrive Capital to lead a secondary tender at approximately an $86 billion valuation. The transaction let early employees and the SDA-era investor cohort take some chips off the table without raising new primary capital. OpenAI did not publish a standalone funding announcement; the mark surfaced in subsequent quarters' reporting.

Sources: contemporaneous reporting in WSJ, Bloomberg, NYT.

$300M round ~$300M tender at ~$28B Reported

In April 2023, reporting indicated OpenAI raised approximately $300 million via a tender offer at an ~$28 billion implied valuation, with shares priced near $67. Participating investors reportedly included Sequoia Capital, Andreessen Horowitz, Thrive Capital, and K2 Global. The tender preceded the November 2023 board episode and the subsequent capital-raising sprints.

Sources: contemporaneous reporting in WSJ, NYT, The Information. OpenAI did not publish a standalone funding announcement for the tender.

Microsoft expansion Reported ~$10B Microsoft commitment Confirmed

On January 23, 2023, Microsoft and OpenAI announced a third multi-year investment, extending the partnership from 2019 and 2021. Microsoft did not formally disclose the dollar amount, but contemporaneous reporting (Bloomberg, WSJ, NYT) sized the commitment at approximately $10 billion, bringing Microsoft's cumulative invested capital in OpenAI to over $13 billion. The agreement included exclusive cloud-provider status on Azure, a continued revenue-share construct, and an extended IP license. The terms were the structural foundation that the April 27, 2026 partnership revamp later replaced.

Sources: Microsoft blog, January 23, 2023; reporting in Bloomberg, WSJ, NYT.

Microsoft initial $1B Microsoft + Azure partnership Confirmed

On July 22, 2019, Microsoft announced a $1 billion investment in OpenAI, paired with a multi-year partnership making Azure OpenAI's preferred cloud-computing platform. The commitment landed roughly four months after OpenAI's March 2019 conversion from a pure nonprofit into the capped-profit structure (OpenAI Inc. as the nonprofit parent, OpenAI LP as the capped-profit subsidiary). Most of the commitment was structured as Azure compute credits rather than cash equity.

Primary source: Microsoft blog, July 22, 2019.

Founding pledges ~$1B in initial nonprofit pledges Confirmed

On December 11, 2015, OpenAI launched as a nonprofit research organization with approximately $1 billion in committed pledges from Elon Musk, Sam Altman, Reid Hoffman, Peter Thiel, Jessica Livingston, Y Combinator Research, Amazon Web Services, and Infosys. Per subsequent litigation in Musk v. Altman and IRS Form 990 filings, only a fraction of the headline $1 billion was ever actually transferred to OpenAI Inc., with reporting placing pre-2019-restructuring contributions at roughly $130 million. The for-profit restructuring in 2019 was driven in part by the gap between the headline pledge and the actual funding flow.

Primary sources: "Introducing OpenAI," openai.com, December 11, 2015; OpenAI Inc. Form 990 filings on ProPublica's Nonprofit Explorer; Musk v. Altman docket entries on CourtListener.

Valuation arc

Post-money valuation per round on a logarithmic scale, plotted chronologically from April 2023 (the ~$28 billion tender) through March 2026 (the $852 billion round). Confirmed valuations are drawn as filled circles; reporter-coverage-only marks are drawn as hollow rings. The October 2025 ~$500 billion secondary tender mark is included as a reporter-only datapoint; the October 28, 2025 recapitalization is annotated as a vertical reference line. The pre-2023 valuation history is not charted because the 2019 Microsoft commitment was largely Azure credits rather than priced equity.

$10B $30B $100B $300B $1000B Recap ~$28B Apr 2023 tender ~$86B Jan 2024 tender $157B Oct 2024 $300B Mar 2025 ~$500B Oct 2025 tender $852B Mar 2026 Apr 2023 Jan 2024 Oct 2024 Mar 2025 Oct 2025 Mar 2026 Post-money valuation (log)
Filled point: OpenAI-confirmed post-money valuation
Hollow point: reporter-coverage-only valuation
Amber line: Oct 28, 2025 recapitalization

The valuation arc rose roughly 30x in the three years from April 2023 to March 2026 (~$28 billion → $852 billion). Microsoft's 2019 and 2023 commitments are excluded from the arc because the embedded valuation was not publicly disclosed at the time of each commitment; the cumulative-commitment picture lives in the Microsoft-partnership section.

The Microsoft partnership — from 2019 exclusive Azure to the April 2026 revamp

Microsoft is the load-bearing partner-side counterparty on this page, both as the largest single-investor shareholder of OpenAI Group PBC (~$135 billion / ~27% as-converted diluted, post-recapitalization) and as the cloud-and-IP partner under terms that have been renegotiated three times. The cumulative commitment view sits below; the April 27, 2026 revamp's headline changes follow.

Cumulative Microsoft commitments

  • Jul 22, 2019 — $1B initial commitment, mostly structured as Azure compute credits. Made Azure OpenAI's preferred cloud-computing platform. Source: blogs.microsoft.com.
  • Jan 23, 2023 — "Third multi-year investment", sized by reporting at approximately $10B, bringing cumulative invested capital to roughly $13B. Exclusive Azure provider; revenue-share construct; IP-license extension. Source: blogs.microsoft.com.
  • Oct 28, 2025 — Recapitalization-day MSFT stake worth ~$135B (~27% as-converted diluted of OpenAI Group PBC) per Microsoft's blog and joint announcement. OpenAI separately agreed to purchase an incremental $250 billion of Azure services. Source: blogs.microsoft.com.
  • Mar 31, 2026 — Continued participation in the $122B round. Microsoft is named in OpenAI's announcement as a participating long-term partner; the dollar size of Microsoft's participation in this specific round was not separately disclosed.
  • Apr 27, 2026 — The revamp. Capped revenue-share construct through 2030, non-exclusive cloud, IP license through 2032, AGI-contingency removed (see the next block).

April 27, 2026 revamp — what changed

  • Cloud exclusivity dropped. Microsoft remains the primary cloud partner and OpenAI products will ship first on Azure when Microsoft can support them, but OpenAI is now permitted to serve its products to customers across any cloud provider. The previous Azure-exclusive construct is retired.
  • Revenue share to Microsoft now capped. Revenue-share payments from OpenAI to Microsoft continue through 2030 at the same percentage (reported as 20%) but are now subject to a total cap rather than the previous uncapped construct. Microsoft will no longer pay any reciprocal revenue share to OpenAI.
  • Microsoft IP license through 2032, now non-exclusive. Microsoft retains a license to OpenAI IP for models and products through 2032 (extending two years past the previous terms). The license is now non-exclusive, opening room for OpenAI to license model IP to other partners.
  • AGI contingency removed. The previous arrangement structured certain Microsoft commitments around whether OpenAI had achieved Artificial General Intelligence. The revamped agreement makes revenue-share payments continue "independent of OpenAI's technology progress" — Microsoft no longer needs to assess whether OpenAI has crossed an AGI threshold to determine its obligations. An independent expert panel still verifies AGI claims, but the financial mechanics no longer turn on the panel's decision.
  • Sources: "The next phase of the Microsoft-OpenAI partnership," blogs.microsoft.com, April 27, 2026 · "The next phase of the Microsoft OpenAI partnership," openai.com news, April 27, 2026 · CNBC, April 27, 2026.

The Microsoft stake's mark-to-fair-value carrying value is disclosed each quarter in Microsoft's 10-Q footnotes — see Microsoft's EDGAR filing index. The companion view of Microsoft's earnings exposure to the OpenAI stake lives on Microsoft Financials.

Revenue and ARR — what OpenAI has actually disclosed

OpenAI's revenue trajectory has been disclosed at discrete moments across funding-round announcements, CFO Sarah Friar's interviews, and the reporting around the May 22, 2026 confidential S-1. The headline arc: ~$2 billion in 2023 → ~$3.7 billion in 2024 → $13.1 billion in 2025 → over $2 billion per month (~$24 billion run-rate) by March 2026. OpenAI has not formally disclosed recognized GAAP revenue at the annual level, gross margin, or per-product splits in its own announcements; the public Form S-1 (when it lands) will almost certainly disaggregate.

FY2023 revenue

As of year-end 2023

~$2B

Per CFO Sarah Friar (PYMNTS Mar 2026 interview), ChatGPT crossed $1B revenue in its first year and $2B by year-end 2023.

FY2024 revenue

As of year-end 2024

~$3.7B

Per CFO Friar and contemporaneous reporting; OpenAI was generating $1B per quarter by Q4 2024 per the March 31, 2026 funding-round announcement.

FY2025 revenue

As of year-end 2025

$13.1B

Per CFO Friar's PYMNTS interview disclosing FY2025 ARR / recognized-revenue figures. ARR topped $20B by year-end 2025 per the same disclosure.

Mar 2026 revenue run-rate

As of Mar 31, 2026

$2B/mo

Per the March 31, 2026 announcement — "we are now generating $2 billion in revenue per month." Implied ~$24B annualized run-rate.

Loss-making operating profile per S-1 reporting. Fortune, WSJ, and others reporting around the May 22, 2026 confidential S-1 indicate OpenAI was running a negative ~122% non-GAAP operating margin in Q1 2026 — losing roughly $1.22 for every $1 of revenue, or approximately a $7 billion quarterly loss against $5.7 billion of revenue. FY2025 saw approximately $9 billion in net losses against $13.1 billion of revenue. Internal projections reported by Fortune in November 2025 anticipate annual losses through 2028 before a sharp swing to profitability in 2030. The page surfaces these as reported figures until the public Form S-1 lands and the audited GAAP equivalents become primary-source.

Enterprise share. Per the March 31, 2026 announcement, enterprise revenue is more than 40% of total revenue and tracking to parity with consumer by end-of-2026. ChatGPT carries 50+ million paid subscribers and the consumer-side ads pilot crossed $100 million in ARR in under six weeks.

Per-product revenue

OpenAI has been less precise than some peers about per-product revenue splits in its public announcements. The breakdown below combines what has been disclosed in funding-round announcements, CFO interviews, and contemporaneous reporting; the public Form S-1 will almost certainly disaggregate further, and this section is structured with stable subsection ids ready to absorb the new disclosure.

ChatGPT consumer (subscriptions + ads pilot)

50+ million paid subscribers across the Plus / Pro / Team / Enterprise / Education tiers as of March 2026. The consumer-side ads pilot crossed $100 million in ARR in under six weeks per the March 31 announcement — a new monetization surface that did not exist a year earlier. Total ChatGPT consumer revenue is not separately broken out; reporter estimates place it as roughly 55–60% of OpenAI's total revenue, declining toward parity with enterprise.

API and enterprise platform

The API and enterprise platform processed over 15 billion tokens per minute at the time of the March 2026 announcement — per OpenAI's own framing, "more than 40% of revenue" comes from enterprise (ChatGPT Enterprise + API + Codex + the Frontier Alliances consulting partnerships), on a trajectory toward 50% by year-end. Over 1 million business customers use OpenAI directly per the August 2025 enterprise announcement.

Codex (coding agent)

Codex serves over 2 million weekly users, up 5x in the three months prior to the March 2026 announcement, with usage growing more than 70% month-over-month. Codex revenue is bundled into the API / enterprise split rather than separately disclosed; Gartner named OpenAI a Leader in enterprise coding agents on May 22, 2026 (the same day the confidential S-1 was filed).

Sora, DALL-E, Whisper, and beyond

Sora (video), DALL-E (image), Whisper (transcription / voice), and the agent-mode surfaces sit inside the API platform line for revenue accounting purposes. OpenAI has not separately disclosed per-product revenue for any of these surfaces. The page surfaces this gap explicitly rather than estimate.

Compute and infrastructure commitments

OpenAI's named compute commitments dwarf its venture-funding totals. The single largest is the $500 billion Stargate joint venture with SoftBank, Oracle, and MGX; the others are direct multi-billion commitments to NVIDIA, AMD, Amazon, Microsoft (Azure), CoreWeave, Google Cloud, and Broadcom (custom silicon).

Stargate — $500B JV with SoftBank, Oracle, and MGX

Stargate LLC, announced January 21, 2025, is a joint venture between OpenAI, SoftBank, Oracle, and MGX committed to investing up to $500 billion in US AI infrastructure by 2029, targeting 10 gigawatts of compute capacity. Initial ownership: OpenAI and SoftBank ~40% each, Oracle and MGX ~10% each; the September 24, 2025 expansion announcement added five new US data-center sites and pushed planned capacity to nearly 7 GW with over $400 billion of investment committed across three years. The OpenAI–Oracle component of Stargate alone is sized at over $300 billion over five years, with up to 4.5 GW of Stargate capacity developed by Oracle.

Sources: "OpenAI, Oracle, and SoftBank expand Stargate with five new AI data center sites," openai.com news, September 24, 2025 · "Stargate advances with 4.5 GW partnership with Oracle," openai.com news · cross-link to Oracle Financials for the Oracle-side RPO treatment.

NVIDIA — foundation of training and inference

NVIDIA participated in the March 31, 2026 round (anchored alongside Amazon and SoftBank at a reported $30 billion) and remains the foundation of OpenAI's training fleet and the majority of its inference stack. The partnership deepened with that round's close.

Microsoft Azure — incremental $250B commitment

Alongside the October 28, 2025 recapitalization, OpenAI agreed to purchase an incremental $250 billion of Azure services. Microsoft's right of first refusal to be OpenAI's compute provider was retired in the same agreement; Azure remains the primary cloud, with OpenAI products shipping first on Azure when Microsoft can support them, per the April 2026 revamp.

Amazon, AMD, AWS Trainium, Cerebras, CoreWeave, Google Cloud, Broadcom

Per the March 31, 2026 announcement, OpenAI's infrastructure portfolio spans cloud through Microsoft, Oracle, AWS, CoreWeave, and Google Cloud; silicon through NVIDIA, AMD, AWS Trainium, Cerebras, and OpenAI's own chip in partnership with Broadcom; and data centers through partnerships with Oracle, SBE, and SoftBank. The Broadcom custom-silicon partnership is the most material new addition since the prior multi-cloud strategy. The CoreWeave side of the relationship is covered in detail on CoreWeave Financials.

The OpenAI Foundation and the cap table

The OpenAI Foundation (renamed from OpenAI Inc. in the October 28, 2025 recapitalization) holds approximately 26% / ~$130 billion of OpenAI Group PBC's equity, plus charter authority over the PBC's mission. Unlike Anthropic's Long-Term Benefit Trust (which holds voting rights but no equity), the OpenAI Foundation holds a real economic stake alongside its governance role — the headline post-money valuations cited on this page are valuations of OpenAI Group PBC, and the Foundation's economic share scales with that valuation.

Practically: the Foundation's ~26% stake means roughly one in every four dollars of post-money valuation flows back to the Foundation's nonprofit mission rather than to investors or employees. The Foundation's charter constrains what the PBC can do in pursuit of profit when that conflicts with the mission. Full governance mechanics, the trustee history, and the for-profit-conversion-fight lineage are documented on the sibling OpenAI Leadership page; the related Musk v. Altman docket is covered on OpenAI Lawsuits.

Named enterprise customers and partners

Customers OpenAI has surfaced through ChatGPT Enterprise launch posts, the August 2025 "1 million business customers" milestone post, customer-stories surfaces, and recent partnership announcements. OpenAI has not disclosed customer concentration percentages or per-customer ARR; the list below is a representative subset of names publicly attached to the company in primary sources, organized by industry. The canonical customer-stories surface is re-fetched on every refresh cycle.

Financial services

Morgan Stanley · PwC (largest early enterprise customer; 100,000 seats committed in 2024) · Klarna · Carlyle · Commonwealth Bank.

Professional services / consulting (Frontier Alliances)

PwC · BCG · Bain · Deloitte · Accenture (per the Frontier Alliances announcement establishing OpenAI's consulting-channel deployment program).

Consumer technology / software

Block · Canva · Zapier · Cisco · T-Mobile.

Retail and consumer brands

The Estée Lauder Companies · Lowe's · Target · Booking.com.

Healthcare and life sciences

Amgen · Thermo Fisher Scientific.

2026 partnership announcements (Codex / enterprise rollouts)

Dell Technologies (Codex hybrid + on-prem enterprise partnership, May 18, 2026) · AWS (frontier-models-on-AWS launch, June 1, 2026) · Rosalind Biodefense (societal-resilience deployment, May 29, 2026).

Per the August 2025 enterprise milestone post, more than 1 million business customers use OpenAI directly, making it the fastest-growing business platform in history. The named list above is a small visible subset of that base.

Acquisitions

OpenAI's M&A footprint went from near-zero through 2022 to one of the most acquisitive AI companies in the world by 2025. Highlighted deals below; smaller acqui-hires across 2025 and 2026 (Promptfoo, Astral, Torch Health, and others) are not enumerated row-by-row.

Target Closed Reported value What it brought
io (Jony Ive's hardware co) 2025 $6.5B All-stock; OpenAI had already acquired a 23% stake at end-2024. Brings the AI-native hardware roadmap and Jony Ive as designer of the dedicated device line.
Statsig Sep 2, 2025 $1.1B Product experimentation, feature flagging, and growth-analytics infrastructure. CEO Vijaye Raji joined as applications executive.
Rockset Jun 2024 undisclosed Real-time search and analytics database; integrated into ChatGPT retrieval and the API search surface.
Multi 2024 undisclosed Video-collaboration and screen-sharing tooling; helped seed the ChatGPT Team / Enterprise collaboration features.
Global Illumination Aug 2023 undisclosed OpenAI's first-ever acquisition; creative tools and digital-experiences team folded into ChatGPT product surfaces.

Sources: OpenAI announcement (Global Illumination) · OpenAI announcement (Rockset) · CNBC, September 2, 2025 (Statsig) · OpenAI's io announcement and contemporaneous reporting in NYT, WSJ, Bloomberg. Per Crunchbase News reporting (April 2026), OpenAI has closed roughly six additional acquisitions in the first quarter of 2026 alone — the public Form S-1 will disclose the complete M&A history when it lands.

Read these primary sources

OpenAI itself filed no Form D, 10-K, 10-Q, 8-K, S-1, or DEF 14A under the "OpenAI" name through May 2026; the May 22, 2026 confidential draft S-1 is the first direct registration (not publicly readable while in draft form). The canonical primary-source set below is OpenAI's own news feed, Microsoft's blog (as Microsoft is the largest single counterparty across the 2019 / 2023 / 2025 / 2026 partnership events), the partner-side disclosures from Amazon and NVIDIA, and the Microsoft and Alphabet 10-Q footnotes that mark the OpenAI stake to fair value each quarter.

OpenAI's own news feed — funding rounds, recapitalization, partnerships

The canonical company-side source for every funding announcement, partner expansion, the October 2025 recapitalization, the April 2026 partnership revamp, and the Stargate program rollouts. The recurring refresh task walks every post on openai.com/news since the prior cycle.

# Funding rounds and corporate-event anchors
https://openai.com/index/accelerating-the-next-phase-ai/                # 2026-03-31 $122B round at $852B post-money
https://openai.com/index/introducing-openai/                            # 2015-12-11 founding pledges

# Recapitalization and partnership terms
https://openai.com/index/next-chapter-of-microsoft-openai-partnership/  # 2025-10-28 recapitalization explainer
https://openai.com/index/next-phase-of-microsoft-partnership/           # 2026-04-27 partnership revamp

# Stargate
https://openai.com/index/five-new-stargate-sites/                       # 2025-09-24 five new Stargate sites
https://openai.com/index/stargate-advances-with-partnership-with-oracle/# Oracle 4.5GW Stargate expansion

# Acquisitions
https://openai.com/index/openai-acquires-global-illumination/           # 2023-08 Global Illumination (first acquisition)
https://openai.com/index/openai-acquires-rockset/                       # 2024-06 Rockset

# Enterprise milestone
https://openai.com/index/1-million-businesses-putting-ai-to-work/       # 2025-08 1M business customers
https://openai.com/index/frontier-alliance-partners/                    # 2025 Frontier Alliances consulting program

Microsoft's blog and SEC filings — partner-side disclosures

Microsoft holds the largest single equity stake in OpenAI Group PBC and discloses fair-value carrying treatment in its 10-Q footnotes. Microsoft's blog is the canonical partner-side source for the 2019 / 2023 / 2025 / 2026 partnership-event anchors.

# Microsoft partnership-event anchors
https://blogs.microsoft.com/blog/2019/07/22/openai-forms-exclusive-computing-partnership-with-microsoft-to-build-new-azure-ai-supercomputing-technologies/  # 2019-07-22 initial $1B
https://blogs.microsoft.com/blog/2023/01/23/microsoftandopenaiextendpartnership/                                                                              # 2023-01-23 third multi-year
https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/                                                              # 2025-10-28 recap-day post
https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/                                                                # 2026-04-27 revamp

# Microsoft EDGAR — search "OpenAI" in 10-Q footnotes for the fair-value mark
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000789019      # Microsoft EDGAR filing index

CNBC, Bloomberg, Fortune, WSJ, Reuters, NYT — contemporaneous reporting

Reporter coverage for the recapitalization cap-table allocations (the ~$130B Foundation / ~$135B Microsoft / ~27% as-converted figures the joint announcement does not itemize), the unit economics around the May 22, 2026 S-1 (the negative ~122% non-GAAP operating margin reporting), and the underwriter cohort for the IPO process.

# March 2026 funding round
https://www.bloomberg.com/news/articles/2026-03-31/openai-valued-at-852-billion-after-completing-122-billion-round
https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html

# October 2025 recapitalization
https://www.cnbc.com/2025/10/28/open-ai-for-profit-microsoft.html
https://www.aljazeera.com/economy/2025/10/28/openai-restructures-into-public-benefit-firm-microsoft-takes-27-stake
https://fortune.com/2025/10/28/openai-restructure-for-profit-microsoft-pbc-long-term-gains-agi/

# April 2026 partnership revamp
https://www.cnbc.com/2026/04/27/openai-microsoft-partnership-revenue-cap.html

# May 2026 S-1 and unit economics
https://fortune.com/2026/05/22/openai-ipo-filing-1-trillion-may-finally-answer-these-big-questions/
https://fortune.com/2025/11/12/openai-cash-burn-rate-annual-losses-2028-profitable-2030-financial-documents/

Sibling Mungomash pages

The leadership-side mechanics of the founders, the November 2023 board episode, the for-profit conversion fight, and the senior-departures table live on the sibling leadership page. The Musk v. Altman docket lives on the lawsuits page. The ChatGPT product / version history lives on the cross-section versions page. The parallel-IPO-race sibling is Anthropic Financials.

# OpenAI on Mungomash
/orgs/openai/leadership/                                          # founders, board episode, departures table
/orgs/openai/lawsuits/                                            # Musk v. Altman + related litigation
/ai/chatgpt/versions/                                             # product / model version history

# Parallel-IPO sibling and partner-side financials
/orgs/anthropic/financials/                                       # Anthropic confidential S-1 filed Jun 2026
/orgs/microsoft/financials/                                       # Microsoft 10-Q OpenAI-stake footnote treatment
/orgs/oracle/financials/                                          # Oracle Stargate RPO treatment
/orgs/coreweave/financials/                                       # CoreWeave OpenAI customer-contract disclosures

Methodology & data sources

Primary-vs-reported source discipline. Every value-bearing claim on this page is labeled Confirmed (sourced to OpenAI's own news post or a partner press release) or Reported (sourced only to contemporaneous reporting from Bloomberg, CNBC, Reuters, NYT, WSJ, The Information, Fortune, Axios, or similar). The In talks label is reserved for rounds and figures that have not closed and are reported as in-progress only. Reporter coverage of fast-moving private companies frequently surfaces dollar amounts and valuations the company itself has not formally confirmed; the methodology footer's first job is to keep the distinction visible at a glance.

OpenAI Group PBC under OpenAI Foundation control. Since the October 28, 2025 recapitalization, the operating company is OpenAI Group PBC (Delaware public benefit corporation) and the controlling nonprofit is the OpenAI Foundation (renamed from OpenAI Inc.). The headline post-money valuations are valuations of OpenAI Group PBC. The Foundation holds approximately 26% of the PBC's equity (~$130 billion) alongside its charter authority — a real economic stake rather than only voting rights, which distinguishes it from Anthropic's Long-Term Benefit Trust.

No prior SEC EDGAR filings; first registration is the May 22, 2026 confidential draft S-1. OpenAI itself filed no Form D, S-1, 10-K, 10-Q, 8-K, or DEF 14A under the "OpenAI" name through May 2026. SEC EDGAR full-text search at efts.sec.gov for "OpenAI" / "OpenAI Inc" / "OpenAI Foundation" / "OpenAI Group" / "OpenAI Global" returns only unrelated filers and third-party SPV vehicles with "OpenAI" in the fund name (not OpenAI's own filings). The May 22, 2026 confidential draft S-1 is the first direct registration; per JOBS-Act mechanics, the document is not publicly readable while in confidential draft form, and the SEC review proceeds before any public Form S-1 lands ahead of the road show.

Revenue and ARR. OpenAI has disclosed recognized revenue figures and run-rates at discrete moments — approximately $2 billion in 2023, ~$3.7 billion in 2024, $13.1 billion in 2025 (per CFO Sarah Friar), and over $2 billion per month by March 2026 (per the funding-round announcement). OpenAI has not separately disclosed gross margin, per-product revenue splits, net revenue retention, or per-customer ARR in its own announcements; the page surfaces what's available and explicitly flags the gaps. The public Form S-1 will almost certainly disaggregate; the page absorbs that disclosure when it lands.

Cumulative-commitment framing for Microsoft and Stargate. The Microsoft commitments include both equity investment and Azure-services purchase commitments (the $250 billion incremental Azure agreement at the October 2025 recapitalization is a purchase obligation, not equity). The Stargate $500 billion is the joint-venture commitment, not an OpenAI-only investment (OpenAI and SoftBank each hold ~40%). The cumulative numbers in the relevant subsections combine those streams because the partner-side announcements bundle them; where the equity portion is separable, the prose surfaces it explicitly.

Page-shape evolution. This page ships in the private-company shape (matched-set with Cognition, xAI, and the parallel-IPO-race sibling Anthropic). When the confidential S-1 converts to a public Form S-1, the audited GAAP financials become part of the source set and a new section absorbs them. Once OpenAI prices and lists publicly, the page transitions to the public-company matched-set shape used on Microsoft, Alphabet, Oracle, and the rest — EDGAR XBRL-driven headline charts, live TradingView ticker, Earnings Reaction History section.

What's intentionally not here. Computed valuation deltas / round-over-round multiples (the page surfaces the rounds and lets visitors do the math). A pre-IPO live ticker (OpenAI has no public ticker yet). Speculative IPO-pricing-range charts (out of scope until the public Form S-1 discloses a range). Comparable-public-AI-company valuation multiples (peer-comparison multiples against Microsoft, Alphabet, Meta, Anthropic). Detailed cap-table specifics beyond the disclosed Foundation / Microsoft / employees-and-investors split (per-class share counts are not publicly disclosed before the public S-1). Editorial framing about whether the conversion delivered on the nonprofit mission or whether the IPO is right. The November 2023 board-episode tick-tock (leadership-page content). The Musk v. Altman docket tick-tock (lawsuits-page content). Detailed GPT / o-series / Sora product specifications (covered on ChatGPT Versions). Speculation about post-IPO governance changes to the Foundation's control. Investor-deck leaks asserted as fact. Compensation specifics.

Refresh cadence. Hand-curated values are re-verified weekly against the load-bearing primary sources (openai.com/news, the Microsoft / Alphabet 10-Q footnotes, the EDGAR full-text search for "OpenAI" / "OpenAI Foundation" / "OpenAI Group PBC", the Stargate-program announcements, and the most-recent CNBC / Bloomberg / Reuters / NYT / WSJ / Fortune / Axios / The Information coverage). The weekly cadence matches the site-wide financials-pages convention and is appropriate to a fast-moving private company at the peak of an IPO process.

Cross-references. OpenAI Leadership for founders, the November 2023 board episode, the for-profit-conversion fight, and the senior-departures table. OpenAI Lawsuits for the Musk v. Altman docket and related litigation. ChatGPT Versions for the GPT / o-series / Sora product history. Anthropic Financials for the parallel-IPO-race sibling. Microsoft Financials for the partner-side OpenAI-stake footnote treatment. Oracle Financials for the Stargate-program RPO treatment. CoreWeave Financials for the named-OpenAI-customer-contract disclosures. OpenAI's row on /orgs/ for the company profile.

Last updated: 2026-06-04. Hand-curated source-tag anchor: openai.com/index/accelerating-the-next-phase-ai/ (the most load-bearing source).

Last refreshed 2026-06-04 by Mimas — new page.