💸 OpenAI raises an additional $10B as SpaceX prepares

🤖 OpenAI raises an additional $10B as SpaceX prepares, the largest capital race in tech heats up

This is becoming a defining moment for private markets.

OpenAI just raised another $10 billion in its most recent raise, now meaning total funding is over $120 billion in this round. Meanwhile, SpaceX is gearing up for what could be one of the biggest I.P.O.s ever.

Different companies, different sectors, but the same tale: capital is piling up at the absolute top of frontier tech.

The scale is hard to ignore

OpenAI’s most recent round has names across the entire capital stack: Andreessen Horowitz, TPG, T. Rowe Price, MGX, D.E. Shaw, and once more Microsoft.

That mix matters. No, it’s not just venture cash anymore. It’s private equity and public market capital and sovereign-style investors all chasing the same trade.

And they’re doing it at size.

Last month, OpenAI had closed $110B, at a pre-money valuation of $730 billion, ($50B from Amazon and $30B each from Nvidia and SoftBank).

This isn’t funding. It’s infrastructure level capital going into AI.

OpenAI is slowly gearing up for the public markets

Even at this scale, the company is in no hurry for an IPO. Instead, it’s doing something more intentional: laying the groundwork. The aim, as CFO Sarah Friar says, is to be prepared before the market does.

Which explains some of the recent choices.

OpenAI has also scaled back its long-term compute ambitions from $1.4 trillion to ~$600 billion through 2030, better matching spending with projected revenue. It’s also sunsetting things like Sora, not because they don’t work, but because compute is precious.

The implication is funds are still depleted despite $120B fundraised.

That should tell you how capital-intensive this race actually is. In the meantime, Spacex is going to test demand

OpenAI is privately raising dollars, while SpaceX gets ready to go public. Adding $75B+ to that would break the record for most raised through an IPO, currently held by Saudi Aramco ($29.4B)

Previous estimates had already pegged the company’s valuation at $1.75 trillion. If this becomes reality it won’t only be a listing. It will be an indication of how much public markets are willing to pay for frontier tech exposure.

The bigger picture

What’s going on here is not just two big capital events. It’s a shift in terms of where the market is allocating. AI and space are no longer speculative plays.

They’re becoming core investment categories. And capital ranged across for the first time in ages:

• venture

• private equity

• public markets

is heading in the same direction.

What to watch

1. SpaceX’s IPO size and valuation

2. OpenAI’s timeline toward public markets

3. Whether more companies follow suit with mega-rounds

Because when capital begins to move on this scale…It generally doesn’t end with just two companies.

The U.S. just put Big Tech in charge of the future

Trump just pulled together a who’s who of tech — Zuckerberg, Jensen Huang, Larry Ellison, Sergey Brin, Lisa Su, into a single advisory council.

This group will advise on AI, crypto, and emerging tech, basically the industries defining the next decade.

And the timing isn’t random.

With China accelerating in AI, the U.S. is closing ranks, bringing builders directly into government decision-making.

This is the shift: Tech isn’t just being regulated anymore. It’s being co-designed with the people building it.

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