Khosla Ventures has raised $405 million for OpenAI through a special purpose vehicle (SPV), with the majority of the capital pooled from other investors. This investment is part of OpenAI's latest $6.6 billion funding round, which has elevated the company's valuation to $157 billion. OpenAI, originally a nonprofit, has seen its valuation soar as it transitions to a for-profit model. Other investors in this round include Thrive Capital, Microsoft, and NVIDIA. The high valuation of private AI startups like OpenAI and Anthropic contrasts with the valuation multiples of public AI leaders such as Nvidia and Microsoft. Khosla Ventures previously invested $50M~ for 10% of OpenAI, and recently raised $3 billion ~ in new VC funds, printing $60 million a year in fees.