OpenAI is reportedly on the verge of closing the initial phase of a monumental funding round that could exceed $100 billion, a figure that would shatter private-market records and solidify the ChatGPT creator’s position as a global titan of infrastructure.

The mega-deal could push OpenAI’s total valuation to a staggering $850 billion, assuming the round closes at its current trajectory, according to sources familiar with the matter per Bloomberg. OpenAI’s pre-money valuation is currently pegged at roughly $730 billion. While the final figures remain fluid, the sheer scale of the capital injection reflects an insatiable investor appetite for artificial intelligence (AI).

The first tranche of funding is expected to be led by tech heavyweights Amazon.com Inc., SoftBank Group, NVIDIA Corp., and Microsoft Corp., who are reportedly finalizing their allocations by the end of February.

Amazon is expected to invest up to $50 billion, potentially expanding OpenAI’s use of Amazon’s Trainium-based AI servers and cloud services. SoftBank is considering a commitment of roughly $30 billion. And NVIDIA is in discussions of an investment of $20 billion, reinforcing its role as the primary hardware provider for the AI revolution.

Wedbush Securities analysts suggest the massive influx of liquidity is not just a safety net but a war chest for “forward growth.” OpenAI is preparing to spend at least $1.4 trillion on the physical infrastructure required to run the next generation of AI models. This expansion is expected to create a halo effect for the broader supply chain, directly benefiting semiconductor firms like NVIDIA and AMD Inc.

Following the initial phase, a second stage of fundraising will target venture capital firms, sovereign wealth funds, and other institutional financial investors. This secondary phase could push the total raised significantly higher than the initial $100 billion mark.

While OpenAI, Microsoft, and Amazon have either declined to comment or remained silent on the specifics, the message to the industry is clear: The race for AI supremacy is no longer just about code, but remains massive capital and hardware required to run it.