According to CoinMeta, OpenAI has launched a second fund, startup fund, with a scale of $400 million. This time, all the funding is provided by OpenAI itself. The first fund raised $175 million in 2021 from external investors such as Microsoft. Now, OpenAI is taking care of the second fund on its own, and the money earned from investments no longer mainly goes to external LP. The initial fund has been invested in 24 companies, including Cursor and legal AI companies Harvey. Currently, all the funds have been allocated. Cursor was just acquired by SpaceX this month, with the transaction corresponding to an implied equity value of $60 billion. The new fund will still mainly invest in early-stage AI companies, with a plan to invest in 8 to 10 companies per year. The goal is to lead the investments directly, with each investment starting from several million dollars and typically reaching up to $50 million, with suitable projects potentially receiving up to $100 million.