OpenAI’s new fundraising is shaking up Silicon Valley
Generative AI is forcing America’s disrupters in chief to think differently
A rare beast may soon lumber across the hills of Silicon Valley: not a $1bn unicorn, nor a $10bn decacorn, but a hectocorn—a startup valued at more than $100bn. OpenAI, the maker of ChatGPT, is understood to be in talks to raise $6.5bn from investors to fund the expansion dreams of its co-founder, Sam Altman. If it pulls off the deal, OpenAI’s valuation will be about $150bn, making it only the second ever $100bn-plus startup in America after SpaceX, a rocketry giant led by Elon Musk (who co-founded OpenAI in 2015 and is now Mr Altman’s nemesis).
Explore more
This article appeared in the Business section of the print edition under the headline “The age of the hectocorn”
Business September 21st 2024
From the September 21st 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionDiscover more
Can Israel’s mighty tech industry withstand a wider war?
Its resilience is being tested
Transit vans are the key to Ford’s future
And they earn big profits today
Will America’s government try to break up Google?
Antitrust remedies that target its generative-AI ambitions are more likely
Workouts for the face are a growing business
They may not help much in the quest for eternal youth
What makes a good manager?
Hint: not someone who says I am a good manager
India’s consumers are changing how they buy
A giant population turns to deliveries