OpenAI announced a record-breaking $110 billion funding round on Friday, more than doubling its previous raise from last year and valuing the company at $730 billion.

Major investors include Amazon ($50 billion), Nvidia ($30 billion), and SoftBank ($30 billion), with additional investors expected to join.

Amazon also announced a multiyear strategic partnership, expanding its existing $38 billion AWS deal by $100 billion over eight years and serving as the exclusive cloud provider for OpenAI’s enterprise platform, Frontier.

OpenAI is increasing its Nvidia collaboration for GPU capacity, projecting $600 billion in total compute spending by 2030, while targeting $280 billion in revenue from consumer and enterprise AI, CNBC has reported.

The round marks the largest private financing in tech history, highlighting OpenAI’s continued dominance amid competition from Google’s Gemini and Anthropic in the AI sector.