OpenAI Secures $4 Billion Credit Line, Boosting Liquidity to Over $10 Billion Amidst Rapid Growth 😱
OpenAI has obtained a $4 billion revolving credit line from several major financial institutions, including #JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS, and HSBC, increasing its liquidity to over $10 billion.
This follows a recent #funding round that valued the company at $157 billion. OpenAI plans to use the funds to invest in research, infrastructure, and talent acquisition. The company has seen explosive revenue growth but also faces significant costs, particularly from purchasing GPUs for AI training.
#OpenAI expects $11.6 billion in sales next year despite projected losses of $5 billion for 2024.
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