Funding round

Amazon completes its $50B OpenAI commitment with a final $35B in Series C Preferred

Jul 31, 2026Funding round3 sources5 of 6 claims verifiedKey signal

Raised: $122B
Valuation · +184% vs Funding round: $852B
Lead investors: Andreessen Horowitz
Place in VP50: #2

What happened

AI summaryWritten from 3 sources, checked claim by claim

Amazon funded the last $35 billion of its $50 billion commitment to OpenAI, according to reports dated 31 July 2026. Value Add VC, citing a Form 8-K made public that day, said an Amazon subsidiary had satisfied an equity commitment to buy $35 billion of OpenAI Series C Preferred Stock, leaving the $50 billion commitment fully funded. The Financial Times headlined the news as Amazon completing a $50 billion investment in OpenAI, and Markets Insider, relaying The Information, headlined it as Amazon investing another $35 billion.

The $35 billion was contingent. Value Add VC said the tranche had been tied to OpenAI meeting conditions related to either a public offering or an artificial general intelligence milestone. It said neither Amazon nor OpenAI had stated which condition was satisfied. Value Add VC also said OpenAI was valued at $852 billion in its March round, which raised about $122 billion. The sources reported no new valuation alongside the funding of the tranche, and Value Add VC did not name the Amazon subsidiary that bought the shares.

The round is recorded as announced on 27 February 2026, with $122B raised at an $852B post-money valuation.

Key points

Amazon funded the remaining $35B of its $50B commitment to OpenAI, reported 31 July 2026.¹²³
An Amazon subsidiary bought $35B of OpenAI Series C Preferred Stock, per a Form 8-K cited by Value Add VC.¹
The $35B was tied to conditions on a public offering or an AGI milestone; neither company said which was met.¹
OpenAI's March round raised about $122B at an $852B valuation, per Value Add VC.¹

Why it matters

Committed capital now paid in

A contingent tranche of the round moved from commitment to funded stock. Value Add VC described Amazon's full $50 billion as fully funded.

Terms behind the mark

The $852 billion round valuation was set while part of Amazon's money was still conditional. The tranche was funded without a new valuation being reported, so the round mark is unchanged in the sources.

Unstated release condition

Neither company said whether the trigger was the public-offering condition or the AGI condition, so the sources do not show what the release implies about a listing.

In context

OpenAI priced rounds
Round	Date	Post-money valuation	Raised	Led by
Funding round	Oct 2, 2024	$157B	$6.6B	Thrive Capital
Funding round	Mar 31, 2025	$300B	$40B	SoftBank
Funding round	Feb 27, 2026	$852B	$122B	a16z, D. E. Shaw Ventures, MGX, SoftBank, T. Rowe Price Associates, Inc., and TPG

Post-money valuation at each priced round. Log scale.Hover a point for the round

Updated Oct 15, 2026

Fact-check

Amazon funded the remaining $35 billion of its $50 billion commitment to OpenAI.Confirmed by [1] Value Add VC, read by the checker: Amazon funded the remaining $35 billion of its $50 billion total commitment.Verified
The Financial Times and Markets Insider (citing The Information) reported the completion and the $35 billion investment on 31 July 2026.[2] Financial Times and [3] Markets Insider were blocked for the checker; the headlines and dates come from the event data and the writer's read.Partly verified
An Amazon subsidiary bought $35 billion of Series C Preferred Stock, shown in a Form 8-K.Confirmed by [1] Value Add VC, which says the 8-K shows an Amazon subsidiary satisfied an equity commitment to buy $35 billion of OpenAI Series C Preferred Stock; the filing itself was not read.Verified
The tranche was contingent on a public offering or an AGI milestone, and neither company has said which was met.Confirmed by [1] Value Add VC, which states both points.Verified
OpenAI's March round raised about $122 billion at an $852 billion valuation.Confirmed by [1] Value Add VC; consistent with the round in the event data.Verified
The news was reported on 31 July 2026.Confirmed by [1] Value Add VC, dated 31 July 2026, which says the 8-K was made public that day.Verified