SoftBank completes final phase of $30 billion investment in OpenAI
SoftBank completes final phase of $30 billion investment in OpenAI Oct 1 (Reuters) - SoftBank Group 9984.T said on Thursday it has completed its $30 billion investment in OpenAI as part of its commitment to the ChatGPT maker's last fundraising round.
Here are some other details:
Earlier this year, OpenAI had secured $122 billion in commitments that valued the Sam Altman-led company at $852 billion. Amazon AMZN.O, Nvidia NVDA.O and SoftBank had anchored the fundraising.
The Japanese investment conglomerate, led by founder Masayoshi Son, previously agreed to invest the capital through three tranches of $10 billion each through its Vision Fund 2.
SoftBank raised $11.1 billion last month in the largest high-yield corporate bond sale globally to fund its mammoth bet on OpenAI.
It has become one of the world's biggest backers of OpenAI under founder Son's push to make the Japanese conglomerate a dominant investor in AI.
SoftBank's cumulative investment in OpenAI stands at $64.6 billion, giving it a 13% stake in the AI lab.
It has canceled the remaining $10 billion of undrawn capacity under its $40 billion bridge loan secured earlier this year.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
((ArasuKannagi.Basil@thomsonreuters.com;))
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