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OpenAI is raising $110 billion in a blockbuster funding round that would value the company at $840 billion. The round includes a $50 billion commitment from Amazon, $30 billion from SoftBank and $30 billion from Nvidia. The financing comes ahead of a widely anticipated initial public offering (IPO) of OpenAI expected later this year.

Amazon will initially invest $15 billion, with a further $35 billion to follow once certain conditions are met. As part of the agreement, OpenAI will use 2 gigawatts of computing capacity powered by Amazon’s in-house Trainium chips. Amazon Web Services (AWS) will become the exclusive third-party cloud provider for OpenAI Frontier, the company’s enterprise platform designed for building and managing AI agents.

The partnership does not alter OpenAI’s existing arrangements with Microsoft. Microsoft’s Azure platform will remain the exclusive cloud provider for OpenAI’s application programming interfaces, which give developers access to its models.