OpenAI 接近完成新一轮融资的第一阶段，预计将超过 $100 billion，这可能使其成为有纪录以来规模最大的初创公司募资事件，并为进一步扩展 AI 模型与产品提供资金。消息人士称，包含新资金在内，公司的总估值可能升至 $850 billion 以上，高于先前 $830 billion 的预期；同时，投前估值据称维持在 $730 billion。该报导于 February 19, 2026 11:03 AM GMT+8 发布，反映了与 OpenAI 更广泛计划相关的谈判：其计划随时间以 trillion-dollar 规模投资基础设施。
初始 tranche 预计将由战略型企业投资者领投；若配售接近区间上限，Amazon、SoftBank、Nvidia 与 Microsoft 正讨论的出资承诺合计可能接近 $100 billion。先前报导数字显示，Amazon 可能投资最高 $50 billion，SoftBank 最高 $30 billion，Nvidia 约 $20 billion；且资金预计在 2026 期间分多个 tranche 投放，而非一次性转移。第二阶段预计将纳入 venture capital firms、sovereign wealth funds 与其他金融投资者，预计稍后完成，并有可能将总募资额明显推高至第一阶段之上。
由于条款仍未敲定，市场与治理讯号依然分歧：知情人士表示交易尚未最终确定，细节仍可能变动；而公司代表要么拒绝置评，要么未回应。短期市场反应出现在 Tokyo，SoftBank 股价一度上涨 4%；另有说法称，截至 December，SoftBank 约持有 OpenAI 11% 股份。从战略上看，一项预期条件是 OpenAI 更深入使用 Amazon 晶片与云端服务，这意味著该融资很可能会强化模型开发、算力采购与 hyperscale 基础设施合作之间的垂直整合。
OpenAI is close to finalizing the first phase of a new financing round that is expected to exceed $100 billion, potentially making it the largest startup fundraising event on record and supplying capital for further AI model and product expansion. Sources say the company’s total valuation including new capital could rise above $850 billion, higher than an earlier $830 billion expectation, while the pre-money valuation is said to remain $730 billion. The report was published on February 19, 2026 at 11:03 AM GMT+8 and reflects negotiations tied to OpenAI’s broader plan to invest at trillion-dollar scale in infrastructure over time.
The initial tranche is expected to be led by strategic corporate investors, with Amazon, SoftBank, Nvidia, and Microsoft discussing commitments that could approach $100 billion in aggregate if allocations land near top-end ranges. Previously reported figures indicate Amazon may invest up to $50 billion, SoftBank up to $30 billion, and Nvidia about $20 billion, with capital expected to be deployed in several tranches across 2026 rather than a single transfer. The second phase is expected to include venture capital firms, sovereign wealth funds, and other financial investors, with closing planned later and potential to push total fundraising materially above the first-phase level.
Market and governance signals remain mixed because terms are still unsettled: people familiar with the matter said the transaction is not final and details may change, while company representatives either declined comment or did not respond. A near-term market reaction appeared in Tokyo, where SoftBank shares rose as much as 4%, and SoftBank was separately described as holding roughly an 11% OpenAI stake as of December. Strategically, one expected condition is deeper OpenAI use of Amazon chips and cloud services, implying that funding is likely to reinforce vertical integration between model development, compute procurement, and hyperscale infrastructure partnerships.