OpenAI Secures $10B in One Week—But It’s Also Burning Cash at Record Speed

Fresh off a giant funding round that valued OpenAI at $157 billion, the ChatGPT maker has secured even more financial backing through a credit facility with a trove of financial institutions, many of which are also its clients. The Sam Altman-led company announced yesterday (Oct. 3) that it has set up a $4 billion credit line from the likes of JPMorgan Chase (JPM), Citi, Goldman Sachs (GS), Morgan Stanley (MS), Santander, Wells Fargo (WFC), SMBC, UBS and HSBC. “We are proud to have the strongest banks and investors in the...