OpenAI, the creator of ChatGPT, has successfully completed a funding round of $40 billion, marking the largest amount ever secured by a private tech firm.

The latest funding values OpenAI at $300 billion, nearly three times the former record for a private technology company.

SoftBank spearheaded this investment round with a contribution of $30 billion, with additional backing from investors such as Microsoft, Coatue, Altimeter, and Thrive.

These funds will be utilized to 'stretch the limits of AI research even further' and enhance OpenAI’s computing infrastructure.

About $18 billion of the investment is allocated for the Stargate project, a collaboration between SoftBank, OpenAI, and Oracle.

This investment comes with stipulations, including the necessity for OpenAI to transition to a for-profit entity by December 31, 2025, or face a reduction of SoftBank's investment to $20 billion.

OpenAI intends to leverage the new funding to accelerate growth, having reported that ChatGPT now boasts over 500 million users, a rise of 100 million from the previous month.

The company also anticipates its revenue to triple, reaching $12.7 billion by year’s end.