(Reuters) - Japanese telecom company SoftBank (TYO:9984)'s Vision Fund will invest $500 million in OpenAI's latest funding round, The Information reported on Monday, citing a person familiar with the deal.
SoftBank declined to comment, while OpenAI did not immediately respond.
The company at the heart of the artificial intelligence boom is raising $6.5 billion in the form of convertible notes, Reuters exclusively reported earlier this month.
Apple (NASDAQ:AAPL) reportedly dropped out of plans to participate in the large funding round, which currently values the artificial intelligence startup at $150 billion before the SoftBank investment.
However, the valuation will be contingent on whether the ChatGPT-maker can upend its corporate structure and remove a profit cap for investors.
The deal represents SoftBank's first investment in the Sam Altman-led firm, the Information report said.
Reuters reported on Wednesday that OpenAI is working on a plan to restructure its core business into a for-profit corporation that will no longer be controlled by its non-profit board.