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    You are at:Home » Blog » OpenAI has $6.6 billion in financing and $4 billion in credit
    Technology

    OpenAI has $6.6 billion in financing and $4 billion in credit

    By Ruchika oberoi4 October 2024No Comments1 Min Read
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    Reuters
    Reuters
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    That ought to keep ChatGPT operational for a considerable amount of time.

    Keeping ChatGPT running comes at a high cost, thus OpenAI needs to be able to access a lot of money to ensure that services are not discontinued. One day after the company revealed it had raised US$6.6 billion, the largest startup funding round in history, the company confirmed a new US$4 billion revolving credit facility. Credit facility extended by JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS, and HSBC is intended for OpenAI. However this credit line has not been drawn by OpenAI to date. Many of these banks are also clients of OpenAI.

    Overall more than ten billion dollars is the total amount of cash OpenAI can access right now. The company says this will be used to fund new ventures and research, improve its physical facilities and hire top talent. According to Sarah Friar, the Chief Financial Officer of OpenAI, “this credit facility further strengthens our balance sheet and provides additional flexibility in pursuing growth in the future.”

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