OpenAI has raised $40 billion in a new Series F funding round, according to people familiar with the deal, pushing the artificial intelligence company’s valuation to $300 billion. The transaction marks one of the largest private fundraising events in the sector and underscores continuing investor appetite for leading AI firms.

The round reflects the intense competition among technology investors to back companies seen as central to the next wave of software, automation, and consumer tools. A valuation at this scale places OpenAI among the most highly valued private companies in the world.

The latest financing also highlights how quickly the market for artificial intelligence has expanded, even as questions persist about long-term profitability, infrastructure costs, and the pace at which companies can turn heavy research spending into sustainable revenue. OpenAI has become one of the most closely watched names in the industry as demand for generative AI products continues to rise.