OpenAI now has a $4 billion credit line on top of $6.6 billion in funding

Keeping ChatGPT running is expensive as heck, so OpenAI needs access to plenty of cash to make sure the lights stay on. A day after the company said it had secured $6.6 billion in funding — the biggest ever funding round for a startup — it confirmed that it has a new $4 billion revolving line of credit. OpenAI has yet to tap the credit line, which it obtained from JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC. Some of those banks are also among OpenAI's customers. All told, OpenAI now has a war chest of over $10 billion in liquid funds. The company says that will give it the ability to invest in new projects and research, expand its infrastructure and hire top talent. “This credit facility further strengthens our balance sheet and provides flexibility to seize future growth opportunities,” OpenAI CFO Sarah Friar said. This article originally appeared on Engadget at https://www.engadget.com/ai/openai-now-has-a-4-billion-credit-line-on-top-of-66-billion-in-funding-163230350.html?src=rss

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Oct 3, 2024 - 22:30

OpenAI now has a $4 billion credit line on top of $6.6 billion in funding

Keeping ChatGPT running is expensive as heck, so OpenAI needs access to plenty of cash to make sure the lights stay on. A day after the company said it had secured $6.6 billion in funding — the biggest ever funding round for a startup — it confirmed that it has a new $4 billion revolving line of credit. OpenAI has yet to tap the credit line, which it obtained from JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC. Some of those banks are also among OpenAI's customers.

All told, OpenAI now has a war chest of over $10 billion in liquid funds. The company says that will give it the ability to invest in new projects and research, expand its infrastructure and hire top talent. “This credit facility further strengthens our balance sheet and provides flexibility to seize future growth opportunities,” OpenAI CFO Sarah Friar said. This article originally appeared on Engadget at https://www.engadget.com/ai/openai-now-has-a-4-billion-credit-line-on-top-of-66-billion-in-funding-163230350.html?src=rss

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