OpenAI, the creator of ChatGPT, has secured $6.6 billion in funding from investors, potentially valuing the company at $157 billion and solidifying its status as one of the world's most valuable private firms. The investment round saw the return of venture capitalists like Thrive Capital and Khosla Ventures, along with OpenAI's major corporate supporter, Microsoft, and new investor Nvidia. The funding closed as the company undergoes restructuring and executive shifts, including the recent departure of its long-time Chief Technology Officer, Mira Murati.

Altimeter Capital, Fidelity, SoftBank, and Abu Dhabi's state-backed MGX also joined the round. OpenAI CFO Sarah Friar informed employees that the company plans to offer liquidity through a tender to repurchase their shares post-funding, though specifics and timing remain undecided. Earlier this year, some employees were allowed to cash out at a valuation of $86 billion. Thrive Capital, which contributed around $1.2 billion, negotiated the option to invest an additional $1 billion next year if the AI firm meets revenue targets.

Apple, which was in discussions to invest, did not participate. The funding was in the form of convertible notes, with conversion to equity contingent on a successful structural shift to a for-profit entity, removing control from the non-profit board and lifting caps on investor returns. Despite personnel changes, investor enthusiasm remains high, anticipating significant growth based on OpenAI CEO Sam Altman's projections.

OpenAI is set to generate $3.6 billion in revenue this year amid mounting losses of over $5 billion, with projections of a major revenue jump to $11.6 billion next year. Investors have secured protections during the complex restructuring, including the option to reclaim capital or renegotiate valuation if changes are not implemented within two years. OpenAI's rapid rise in product popularity and valuation has captivated global attention, with ChatGPT attracting 250 million weekly active users. The company's valuation has surged from $14 billion in 2021 to $157 billion, far exceeding Altman's initial projections.

OpenAI continues to pursue artificial general intelligence (AGI) while accelerating commercialization and aiming for profitability.