Committed capital is not cash. OpenAI's 31 March post still prints $122 billion and $852 billion post-money. Nobody filed 10-Q numbers in that post.

The news

OpenAI's 31 March 2026 company announcement, titled "OpenAI raises $122 billion to accelerate the next phase of AI," states: "Today, we closed our latest funding round with $122 billion in committed capital at a post money valuation of $852 billion."

The post says the round was anchored by Amazon, NVIDIA, and SoftBank, with continued participation from Microsoft. It lists SoftBank as co-lead alongside a16z, D. E. Shaw Ventures, MGX, TPG, and accounts advised by T. Rowe Price Associates, Inc. It also names a long list of participating institutions and states that, for the first time, OpenAI extended participation through bank channels, "raising over $3 billion from individual investors." It says OpenAI will be included in several exchange-traded funds managed by ARK Invest.

The same post states OpenAI expanded an existing revolving credit facility to approximately $4.7 billion, supported by a named bank syndicate, and that "the facility remains undrawn at close."

A prior OpenAI post dated 27 February 2026, "Scaling AI for everyone," announced "$110B in new investment at a $730B pre-money valuation," including "$30B from SoftBank, $30B from NVIDIA, and $50B from Amazon," plus a strategic partnership with Amazon and "3 GW of dedicated inference capacity and 2 GW of training on Vera Rubin systems" with NVIDIA. Additional financial investors, that February post said, were "expected to join as the round progresses."

Who is bound

OpenAI Group shipped the two company posts. Amazon, NVIDIA, SoftBank, and Microsoft are named as capital or infrastructure counterparties in those posts. Named co-leads and participating funds are bound by whatever subscription documents they signed. Those documents are not public. ARK Invest is named as listing OpenAI in ETFs it manages. Bank-channel individual investors are bound by the bank offering documents, which OpenAI did not publish.

Cloud and silicon counterparties listed in the March post (Microsoft, Oracle, AWS, CoreWeave, Google Cloud; NVIDIA, AMD, AWS Trainium, Cerebras, and a Broadcom-partnered OpenAI chip; data-center partners Oracle, SBE, and SoftBank) are commercial counterparties, not automatically equity holders. Whether each named firm closed equity versus compute offtake is UNKNOWN beyond the dollar splits OpenAI attributed to Amazon, NVIDIA, and SoftBank in February.

What's new

The March close is larger than the February step and states a post-money valuation. February gave a pre-money figure and named the three strategic checks. March adds bank-channel participation over $3 billion, ARK ETF inclusion, and an undrawn ~$4.7 billion revolver.

OpenAI's March post reports commercial scale in the same document: "We are now generating $2B in revenue per month"; ChatGPT "more than 900 million weekly active users, and over 50 million subscribers"; enterprise "more than 40% of our revenue"; APIs processing "more than 15 billion tokens per minute"; Codex "over 2 million weekly users." Those are company figures in a fundraising post. No 10-K, 10-Q, or independent audit is linked.

The February post also stated weekly Codex users had "more than tripled since the start of the year to 1.6M" and "more than 9 million paying business users rely on ChatGPT for work." The Codex weekly-user figures in February and March are not the same number. OpenAI did not reconcile them in either post.

What it does not settle

Dates: 27 February 2026 ($110 billion / $730 billion pre-money); 31 March 2026 ($122 billion committed / $852 billion post-money). Price: equity terms, liquidation preferences, and whether "committed capital" is cash received, a multi-year draw, or a mix are UNKNOWN. Hardware: February cites 3 GW dedicated inference and 2 GW Vera Rubin training with NVIDIA; March states training and most inference still run on NVIDIA GPUs and lists a multi-cloud, multi-silicon portfolio. Region: both posts describe global products; no geographic investor restriction is stated. Data: usage and revenue metrics are company-reported. License: not a model-license event.

What to do now

Finance marking private-company comparables should not treat $852 billion post-money as a public-market price. Capacity planners competing for NVIDIA Vera Rubin and cloud GPU supply should treat OpenAI offtake as a named demand source at gigawatt scale, per OpenAI, not an audited interconnection queue.

Whether the $122 billion is fully funded cash is UNKNOWN. Monthly revenue on an accounting basis a buyer can diligence is a separate hole.