The news: OpenAI raised $6.6 billion in its latest funding round—breaking the short-lived $6 billion record set by Elon Musk’s xAI earlier this year as the largest VC deal in history. (Musk was also one of OpenAI’s founders.)

• The startup is now valued at $157 billion, beating the expected target of $150 billion and nearly doubling its previous valuation of $80 billion.
• Key investors include Thrive Capital, Microsoft, Nvidia, Fidelity, and MGX.