OpenAI raises $122B at $852B, kills Sora, misses Q1 targets

OpenAI closed a record $122B round at an $852B post-money valuation led by SoftBank, a16z and Fidelity, and discontinued Sora to refocus engineering on enterprise productivity. The same week, internal documents reviewed by WSJ and The Decoder show OpenAI missed Q1 2026 revenue and user targets, with Anthropic and Google closing fast and tension building over the company's massive spend commitments.