00:00It's Benzinga, bringing Wall Street to Main Street.
00:02OpenAI is nearing an $850 billion valuation as it finalizes a $10 billion funding round
00:09expected to close next week, bringing total funding in the round to about $120 billion,
00:14according to Bloomberg. Andresen Horowitz, MGX, D. Shaw Ventures, Teep G, and T. Rowe Price are
00:21co-leading the round. Microsoft, Coachu Management, Thrive Capital, and Altimeter Capital are also
00:27participating. OpenAI began in 2015 as a non-profit backed by about $1 billion in commitments.
00:34It shifted to a capped profit structure in 2019 to enable outside investment.
00:40The company is shutting down its Sora video platform to focus on other priorities.
00:44It is also offering private equity firms a minimum 17.5% return through joint ventures to expand
00:51enterprise AI adoption amid competition from Anthropic. For all things money, visit Benzinga.com.
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