OpenAI has successfully raised over $6.5 billion in a recent funding round, catapulting its valuation to $157 billion, Bloomberg reported Wednesday.

The new valuation surpasses OpenAI’s previous valuation of $86 billion, making it one of the most valuable venture-backed private startups, alongside SpaceX and ByteDance. Led by Thrive Capital, with participation from other global investors, the round positions OpenAI as a top contender in the generative AI technology sector.

The AI startup, well-known for developing advanced AI models, including the GPT series, previously raised approximately $13.5 billion across 11 funding rounds. The latest investment will be used to support its operations, including computing power and other expenses.

The financial boost comes at a time when OpenAI faces major changes in its leadership and structure, including a series of high-profile executive departures. Recently, Mira Murati, a key figure in developing OpenAI’s ChatGPT, announced her resignation after more than six years with the company.

The company is reportedly considering restructuring its operations to transition from a non-profit controlled model to a for-profit benefit corporation. The change could facilitate greater investment opportunities. However, it raises questions about whether the company will be able to fulfill its mission of developing safe and beneficial AI.