# OpenAI — Capital Time Machine

Compare three announced funding valuations, including the March 2026 funding close. Entity and security changes mean these do not establish a shareholder return.

Canonical citation: https://capitaltimemachine.com/private/openai

Dataset revision: ctm-research-2026-10-01; evidence register reviewed: 2026-09-19. Each observation retains its own check date.

Publisher: CapitalTimeMachine. Methodology: https://capitaltimemachine.com/methodology



## What this supports

The comparison scales an illustrative amount by announced company valuations only. Entity structure, profit rights, capitalization, dilution and completion of funding tranches are not assumed equivalent. No IPO or actual investor return is modeled.

## Limitations

- Historical research and hypothetical arithmetic, not live quotes, investment advice or an offer to invest.

- Company valuation changes are not shareholder returns. Financing, dilution, security rights and exit access matter.

- IPO offer-price marks are not realized sale proceeds; minimum investments and access are not established.

- User-entered prices and valuations are assumptions, not sourced observations. Fee and carry treatment is stated by each method; taxes and distributions are excluded.

- Selected surviving companies are not representative of private-market outcomes; investments may lose all value.

## Sourced observations

### OAI-2024 — October funding

Value: 157000000000 USD; scope: company_post_money_equity

Date: 2024-10-02; precision: day; role: announcement; actual investment date: not established

Security: not established; share basis: undefined

Verification: primary_verified; checked: 2026-09-17

Issuer reported $6.6B raised. Share-class and capitalization comparability are not verified.

Source: [OpenAI — October funding announcement](https://openai.com/index/scale-the-benefits-of-ai/)

Source location: Main announcement

Citation: https://capitaltimemachine.com/private/openai#OAI-2024

### OAI-2025 — March funding announcement

Value: 300000000000 USD; scope: company_post_money_equity

Date: 2025-03-31; precision: day; role: announcement; actual investment date: not established

Security: not established; share basis: undefined

Verification: primary_verified; checked: 2026-09-17

Issuer announced $40B in funding. Completion of all tranches is not established by this observation.

Source: [OpenAI — March funding announcement announcement](https://openai.com/index/march-funding-updates/)

Source location: Main announcement

Citation: https://capitaltimemachine.com/private/openai#OAI-2025

### OAI-2026 — March 2026 company valuation

Value: 852000000000 USD; scope: company_post_money_equity

Date: 2026-03-31; precision: day; role: announcement; actual investment date: not established

Security: not established; share basis: undefined

Verification: primary_verified; checked: 2026-09-19

OpenAI reports a closed round with $122 billion in committed capital. Commitment, cash disbursement and shareholder proceeds are different; security rights are not assumed continuous across rounds.

Source: [OpenAI — March 2026 funding close](https://openai.com/index/accelerating-the-next-phase-ai/)

Source location: Announcement date, opening paragraphs and stated financing status

Citation: https://capitaltimemachine.com/private/openai#OAI-2026

## Calculation options

{
  "early_stage_assumptions": null,
  "ipo_offer_models": [],
  "valuation_comparisons": [
    {
      "company": "openai",
      "start": "OAI-2024",
      "end": "OAI-2025",
      "label": "October 2024 → March 2025 announced valuations",
      "reviewed_on": "2026-09-17",
      "basis_note": "The comparison scales an illustrative amount by announced company valuations only. Entity structure, profit rights, capitalization, dilution and completion of funding tranches are not assumed equivalent. No IPO or actual investor return is modeled."
    },
    {
      "company": "openai",
      "start": "OAI-2024",
      "end": "OAI-2026",
      "label": "October 2024 → March 2026 announced valuations",
      "reviewed_on": "2026-09-19",
      "basis_note": "The comparison scales an illustrative amount by announced company valuations only. Entity structure, profit rights, capitalization, dilution and completion of funding tranches are not assumed equivalent. No IPO or actual investor return is modeled."
    },
    {
      "company": "openai",
      "start": "OAI-2025",
      "end": "OAI-2026",
      "label": "March 2025 → March 2026 announced valuations",
      "reviewed_on": "2026-09-19",
      "basis_note": "The comparison scales an illustrative amount by announced company valuations only. Entity structure, profit rights, capitalization, dilution and completion of funding tranches are not assumed equivalent. No IPO or actual investor return is modeled."
    }
  ],
  "user_entered_private_prices": true,
  "entered_public_price_review": null,
  "public_ipo": null
}

## Reuse and corrections

Link to the company page and original evidence, retain dates, units and limitations. Third-party source terms remain applicable; no new license to third-party material is granted. https://capitaltimemachine.com/terms

Corrections: mailto:capitaltimemachine@gmail.com