OpenAI announced on Tuesday that it has closed a record-breaking $122 billion funding round, valuing the company at $852 billion post-money. The round was co-led by SoftBank, with participation from Andreessen Horowitz, D. E. Shaw Ventures, and other investors. The total represents an increase from the $110 billion in commitments announced in February. OpenAI said the new capital will support its continued leadership in artificial intelligence development as anticipation builds for a potential initial public offering.

The company, which launched the ChatGPT chatbot in 2022, now reports more than 900 million weekly active users and over 50 million subscribers. OpenAI stated that AI is driving productivity and scientific progress, and that the new funding will help it operate at the scale required by current demand. CEO Sam Altman faces pressure to justify the company’s valuation as OpenAI reins in spending, including shutting down its short-form video app Sora.

OpenAI reported $2 billion in monthly revenue and $13.1 billion in revenue last year but remains unprofitable. Strategic investors include Amazon, Nvidia, and Microsoft, though the size of Microsoft’s latest investment was not disclosed.