OpenAI, the creator of ChatGPT, has successfully raised $40 billion in funding, marking the largest sum ever secured by a private technology firm.

This funding round values OpenAI at $300 billion, nearly three times the prior record for a private tech company.

SoftBank spearheaded the investment effort with a $30 billion injection, joined by other stakeholders such as Microsoft, Coatue, Altimeter, and Thrive.

The funds will be utilized to further 'advance the frontiers of AI research' and enhance OpenAI's computing capabilities.

Around $18 billion of the investment is allocated for the Stargate initiative, a collaborative effort involving SoftBank, OpenAI, and Oracle.

This investment comes with stipulations, including the necessity for OpenAI to transition to a profit-oriented model by December 31, 2025, or face a reduction of SoftBank's investment to $20 billion.

OpenAI intends to leverage the new investment for expansion, having reported that ChatGPT has surpassed 500 million users, up by 100 million from the previous month.

The company also anticipates its revenue will triple to $12.7 billion by the year's end.