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OpenAI Gets $4 Billion in Credit on Top of $6.6 Billion Funding

OpenAI has tapped global banks for a $4 billion revolving line of credit on top of its recent $6.6 billion fundraising, adding to its war chest as it plans to grow the company and develop artificial intelligence technology. 
Bloomberg
By Bloomberg
3 Oct
OpenAI Chief Executive Officer Sam Altman in South Korea Sam Altman

In a statement Thursday announcing the credit facility, the company wrote, “This means we now have access to over $10 billion in liquidity, which gives us the flexibility to invest in new initiatives and operate with full agility as we scale.”

The company said it worked with JPMorgan Chase, Citigroup Inc., Goldman Sachs, Morgan Stanley and several other banks on the credit line.

“We have really big aspirations of, how do we keep investing and what drives this technology?” Chief Financial Officer Sarah Friar said on CNBC on Thursday. “It’s compute first, and it’s not cheap, it’s great talent second. And then, of course, it’s all the normal operating expenses of a more traditional company.”

Bloomberg had previously reported OpenAI was in talks to raise billions in debt from banks in the form of a revolving credit facility.

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