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SAN FRANCISCO — The generative AI pioneer OpenAI has access to $4 billion more in the form of credit from several leading financial institutions.
OpenAI established the $4 billion revolving credit facility to enhance its financial “flexibility” to invest in new initiatives and operate with “full agility” as its scales, according to the company today.
The company received the credit from a group of institutions: JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC.
The revolving credit facility is undrawn at closing.
The move comes after OpenAI closed a $6.6 billion funding round and as the company reportedly expects to lose around $5 billion this year, according to The New York Times.
OpenAI plans to use the credit and funding on groundbreaking research and products that “bring AI to the world,” expanding its infrastructure to meet growing demand and attracting talent from around the world.
“As we embark on this next phase, we remain focused on delivering helpful tools that contribute to people’s lives,” OpenAI says.
The credit facility “further strengthens our balance sheet and provides flexibility to seize future growth opportunities,” said Sarah Friar, CFO, OpenAI.
“We are proud to have the strongest banks and investors in the world supporting us.”
See more: Is OpenAI’s New o1 Model the Big Step Forward We’ve Been Waiting For?
