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

This new capital values OpenAI at $300 billion, nearly three times the previous peak for a private technology company.

SoftBank spearheaded the investment round with a $30 billion contribution, alongside other investors such as Microsoft, Coatue, Altimeter, and Thrive.

The funds will be utilized to "advance the frontiers of AI research even further" and enhance OpenAI's computing capabilities.

Around $18 billion of the investment is allocated for the Stargate project, a collaborative effort among SoftBank, OpenAI, and Oracle.

This investment comes with stipulations, including the mandate that OpenAI must 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, an increase of 100 million from the previous month.

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