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

This new investment values OpenAI at $300 billion, nearly three times the former record for a private technology company.

SoftBank spearheaded the investment round with a $30 billion stake, accompanied by other investors such as Microsoft, Coatue, Altimeter, and Thrive.

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

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

The investment includes stipulations, one of which mandates that OpenAI must convert to a for-profit entity by December 31, 2025, or risk having SoftBank's investment reduced to $20 billion.

OpenAI intends to leverage this fresh funding to foster growth, having reported that ChatGPT now boasts over 500 million users, an increase of 100 million from the prior month.

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