SoftBank has agreed to lead a financing of up to $40 billion for a for - profit subsidiary of OpenAI. The move values the company at $300 billion. SoftBank Group...

SoftBank Agrees to Lead $40 Billion Financing for OpenAI

SoftBank Group has agreed to lead a financing of up to $40 billion for a for-profit subsidiary of OpenAI, valuing the company at $300 billion. SoftBank Group said on Tuesday that it plans to invest up to $30 billion in OpenAI Global, with the remaining $10 billion to be allocated to co-investors. SoftBank Group said the first $10 billion investment is scheduled to be paid in mid-April, and the remaining financing of up to $30 billion is to be completed by December. To receive the full amount, OpenAI must successfully restructure into an independent for-profit company by the end of the year. If it fails to do so, SoftBank can reduce the size of this round of financing to $20 billion. OpenAI said the latest round of financing will help the company continue to build artificial intelligence systems that can drive scientific discovery, aid in personalized education, and enhance human creativity.

—— The Wall Street Journal

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