Despite having billions of dollars in its bank account, OpenAI is preparing to raise billions more, according to a report from The Wall Street Journal.

The WSJ states that OpenAI is in talks to secure up to $40 billion in a funding round that would value the startup at $340 billion. SoftBank would lead the round, investing between $15 billion to $25 billion into the ChatGPT maker, as per The WSJ.

If OpenAI successfully closes the round, it would be a remarkable achievement for the startup, which was valued at $157 billion in October. The WSJ notes that OpenAI would use the capital to fund its money-losing business operations and fulfill its commitment to Stargate, its ambitious project to build AI data centers across the U.S.

In 2024, OpenAI reportedly incurred a loss of around $5 billion against revenues of $3.7 billion. The losses could potentially increase. In conjunction with partners including SoftBank, OpenAI aims to contribute billions of dollars to Stargate to initiate the project.