Just after securing funding, OpenAI has obtained a $4 billion credit line, with total liquid assets exceeding $10 billion

Media reports that OpenAI currently has a $4 billion revolving credit facility provided by multiple financial institutions, bringing its total liquidity to over $10 billion. Previously, OpenAI announced on Wednesday that it had completed a recent financing round at a valuation of $157 billion, raising $6.6 billion from a large number of investment firms and tech giants.

According to reports, JPMorgan Chase, Citibank, Goldman Sachs, Morgan Stanley, Santander Bank, Wells Fargo, Sumitomo Mitsui Banking Corporation, UBS Group, and HSBC all participated in this credit arrangement. The base credit facility for this loan is $4 billion, with an option to increase it by $2 billion.

This loan is unsecured and can be used within three years. The interest rate for OpenAI is the Secured Overnight Financing Rate (SOFR) plus 100 basis points. As of the beginning of this week, SOFR is slightly above 5%, meaning that OpenAI will pay approximately 6% interest for immediate borrowing.

OpenAI stated on Thursday that the company plans to use this funding to invest in research and products, expand infrastructure, and attract talent.

"This means that we now have access to over $10 billion in liquidity, allowing us to flexibly invest in new projects and have full flexibility in our expansion process. This once again demonstrates our partnership with a group of outstanding financial institutions, many of which are also OpenAI's clients."

OpenAI's recent financing round attracted a large number of investment firms and tech giants. Thrive Capital led this round, with investors including existing supporters Microsoft, as well as chipmaker NVIDIA, Microsoft, SoftBank, Khosla Ventures, Altimeter Capital, Fidelity Management & Research Company, MGX, and Tiger Global Management.

Earlier this year, OpenAI was reportedly valued at $80 billion, higher than the $29 billion in 2023. The latest round of financing nearly doubled OpenAI's valuation to $157 billion.

According to previous media reports, OpenAI generated $300 million in revenue in August, a 1700% increase from the beginning of last year. Sources revealed to the media that the company expects sales to reach $11.6 billion next year, far exceeding the $3.7 billion in 2024.

However, all this revenue comes with significant costs as OpenAI must significantly increase its purchases of NVIDIA GPUs to train and run its large language models. The company is expected to lose about $5 billion this year. In addition, Microsoft has invested billions of dollars in OpenAI and is a key partner for the company as the software giant strengthens its Azure cloud business.

OpenAI has also experienced turmoil in recent months, with several key executives leaving. Last week, OpenAI's Chief Technology Officer Mira Murati, Head of Research Bob McGrew, and Vice President of Research Barret Zoph all resigned A source revealed to the media that OpenAI held a company-wide meeting last Thursday, during which the board of directors decided to consider restructuring the company into a for-profit entity. If this transition occurs, the non-profit division will continue to exist as an independent entity. At that meeting, OpenAI CEO Altman denied reports that he would receive "a large amount of equity," calling the information "completely untrue."

OpenAI Chairman Bret Taylor stated to the media last week that while the board had discussed the issue, no specific numbers had been discussed.

"The board did discuss whether giving equity to Altman would be beneficial to the company and our mission, but no specific numbers were discussed, and no decisions were made," Taylor said