OpenAI closes in on largest VC round of all time

• OpenAI previously scored $10 billion from Microsoft, but that was a multi-year, corporate deal that included more cloud credits than cash.
• For context: $150 billion is what the entire U.S. venture capital market had under management in 1999, which fueled the internet bubble.
• $6.5 billion is the amount raised just 10 years ago (2014) by all startups in New York, Texas, and Florida combined.

Details: Thrive Capital is leading with an investment just north of $1.25 billion, including out of a special purpose vehicle.

• Other likely backers reportedly include Apple, Nvidia, and Microsoft. Sequoia Capital reportedly won't re-up after recently backing the new statup from OpenAI chief scientist Ilya Sutskever (unclear what a16z will do).
• OpenAI is requiring a $250 million minimum investment, per The Information.

The bottom line: Generative AI giants are playing in a different universe than the rest of startupland, enabled by YOLO VC firms that have decided to discount portfolio concentration risk.