OpenAI is set to complete a $40 billion fund-raising deal that nearly doubles the high-profile company’s valuation from just four months ago.

If completed, this investment would make SoftBank the leading backer of OpenAI, surpassing Microsoft. OpenAI was last valued at $157 billion by private investors in October 2024. The deal, which initially anticipated a $340 billion valuation, is now expected to settle closer to $300 billion.

A new investment from the Japanese conglomerate would be separate from the $100 billion tied to a project announced at the White House last week.

SoftBank is in talks to invest up to $25 billion in OpenAI as part of a broader partnership that could see the Japanese conglomerate spend more than $40 OpenAI is in talks to raise up to $25 billion from SoftBank amid DeepSeek shock.

SoftBank Group is in talks to lead a funding round of up to $40 billion in artificial intelligence developer OpenAI at a valuation of $300 billion, including the new funds, sources said, in what could be a record single funding round for a private company.

Part of the funding is expected to be used for Stargate, the joint venture between SoftBank, OpenAI and Oracle announced by President Donald Trump.