Just one day after reports that Amazon $AMZN ( ▲ 0.87% ) was in talks to invest up to $10 billion in OpenAI at a valuation north of $500 billion, those numbers already appear outdated.
According to a new report from The Information, OpenAI is in early discussions to raise as much as $100 billion at a valuation of roughly $750 billion. The talks are preliminary and terms could still change, but the headline figure alone underscores how quickly expectations around the company are escalating.
Revenue growth looks massive, but so does the cash burn
OpenAI is reportedly projecting revenue to reach $100 billion by 2028, driven by surging demand for its models across enterprise, consumer, and developer use cases. At the same time, the company expects to burn approximately $115 billion in cash through 2029 as it pours capital into data centers, custom chips, and AI infrastructure.
That gap highlights the defining feature of the current AI race. Growth is accelerating, but the cost of staying at the frontier is enormous, and profitability remains a secondary concern.
Why investors keep paying up
Despite the losses, OpenAI sits at the center of the global AI ecosystem. Its technology underpins a growing share of AI applications, and its scale gives it leverage in partnerships with cloud providers and chipmakers. Investors appear willing to underwrite years of heavy spending in exchange for a shot at owning a foundational layer of the AI economy.
At a $750 billion valuation, OpenAI would be approaching the size of the world’s most valuable public companies, without being public and without being profitable. In today’s AI arms race, that tradeoff still looks acceptable to capital chasing the next platform-defining winner.