OpenAI Receives $4B Line of Credit
The Facts
Artificial intelligence (AI) company and creator of ChatGPT, OpenAI, has received a $4B revolving credit line. This is on top of the $6.6B funding round it closed a day prior, bringing the company's liquidity to $10B.
OpenAI, whose latest investors include JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS, and HSBC, has the option for an additional $2B on top of the $4B over three years.
The Spin
OpenAI has gone through some tumultuous times, but it's still growing both financially and productivity-wise. Despite losing many of its founding executives and scientists, Sam Altman has still been able to push ahead with the development of GPT-5 and achieve another multi-billion-dollar funding round. OpenAI is enduring what all start-ups endure—balancing creativity with sound business practice.
Any shred of OpenAI's founding philosophy has now disappeared. With a profit-driven CEO and board, not to mention the liquidation of the entire nonprofit side of the organization, the ChatGPT creator is moving full steam ahead toward one thing: money. Everyone from former OpenAI employees to the general public know this won't be good for humanity, but it seems the goverment and the investment class aren't doing anything about it.
