OpenAI closes $122B at $852B — most valuable private company in history
·Crunchbase News
OpenAI closed its $122B primary+secondary on March 31 at an $852B post-money, passing SpaceX to become the most valuable private company in history. D.E. Shaw and MGX co-led, with Thrive, Coatue and Temasek participating. Revenue run-rate hit $28B on the April 1 board update, up from $12B a year earlier. The round funds OpenAI's $500B Stargate commitment with Oracle and SoftBank plus a reported $70B custom-chip program with Broadcom and TSMC aimed at halving training-compute cost per token by 2027.
OpenAIValuationStargateBroadcomTSMC
Why it matters
Symbolic passing of SpaceX is less important than the $500B Stargate commitment and the $70B custom-chip program with Broadcom/TSMC. Those lock in multi-year compute supply and a credible path to halving token costs — which is what actually moves the competitive frontier, not the headline valuation. The capital stack now matters more than the models.
Impact scorecard
7.5/10
Stakes
7.5
Novelty
5.5
Authority
8.5
Coverage
9.5
Concreteness
7.5
Social
8.0
FUD risk
3.5
Coverage70 outlets · 14 tier-1
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Valuation figures from private rounds are inherently mushy — primary sources are leaks to WSJ/FT. Revenue run-rate comes from a board-deck leak. Treat $852B as the number people agreed to pay, not the number the business is worth. Stargate and chip numbers are better corroborated.
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