AXIOS October 3, 2024
The $6.6 billion that OpenAI has just raised may be the largest single U.S. venture capital round ever. But it’ll only get the ChatGPT maker so far.
Why it matters: The AI revolution has an astronomical burn rate. OpenAI can’t stop fundraising if it wants to keep feeding the fire.
- That’s a key difference between OpenAI and its chief rival Google — which makes tens of billions in profit each year, and sits on a cash hoard of around $100 billion.
Driving the news: The OpenAI round, announced Wednesday, was led by Joshua Kushner’s Thrive Capital, joined by Microsoft, Nvidia, SoftBank, Khosla Ventures, Altimeter Capital, Fidelity, Tiger Global and MGX. Apple, which reportedly had been in talks to...
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