OpenAI also expanded its revolving credit facility to approximately $4.7 billion, supported by JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, and others. That facility remains undrawn as of March 31.

The company framed the raise around compute as a strategic moat. Its infrastructure strategy now spans cloud partnerships with Microsoft, Oracle, AWS, CoreWeave, and Google Cloud, silicon through Nvidia, AMD, AWS Trainium, Cerebras, and its own custom chip with Broadcom, and data centers through Oracle, SBE, and SoftBank.

Meanwhile, the company said it is building a “unified AI superapp” that would combine ChatGPT, Codex, browsing, and agentic capabilities into a single product.

The pitch is that as models get more capable, the bottleneck shifts from intelligence to usability, and a single surface lets the company translate model improvements directly into adoption.

The $852 billion valuation places OpenAI above all but a handful of public companies globally. For context, that is roughly the market cap of Berkshire Hathaway, and larger than Visa, JPMorgan Chase, or Samsung.

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