Wachtell, Lipton, Rosen & Katz, Sullivan & Cromwell LLP along with Morrison Foerster advised on OpenAI’s record $110 billion fundraising round.
OpenAI Group PBC announced a $110 billion fundraising round at a $730 billion pre-money valuation. The capital raise includes lead investments from Amazon ($50 billion), NVIDIA ($30 billion) and SoftBank ($30 billion). Institutional investors are expected to make additional commitments as the round progresses.
This fundraising represents the largest equity capital raise of all-time, surpassing the record previously set by OpenAI last year.
Wachtell, Lipton, Rosen & Katz is serving as legal advisor to OpenAI on the fundraising.
The team includes Partners Andrew J. Nussbaum and Mark F. Veblen; Associates Nathaniel R. Ludewig, Claire Y. Yang and Eric B. Liu (Corporate);
Partners Ilene Knable Gotts, T. Eiko Stange and Tijana J. Dvornic and Associate Sarah Perez Berger (Antitrust); and Of Counsel Stephanie L. Teicher (Finance).
Sullivan & Cromwell LLP represents OpenAI in its strategic partnership and Trainium relationship with Amazon in connection with the transaction.
The S&C team includes Nader Mousavi, Mark Schenkel and April Yu.
Morrison Foerster LLP advised SoftBank as co-lead investor in the financing round.
The Morrison Foerster team was led by Tokyo Managing Partner Ken Siegel and San Francisco Private Equity / Venture Capital Partner Chris McKinnon.
The wider team included Aya Eguchi, Lawrence Gallick, Kerry Jones, Jeff Jaeckel, Charles Capito, James Brower, Joseph Benkert, Marie-Claire Strawbridge, Richard Nugent and Dave Sturgeon among other team members across the firm’s offices worldwide.
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