OpenAI has secured a new $4 billion revolving credit line.

Supporters of the credit line include JPMorgan Chase, Citi Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC.

The operation gives OpenAI access to over $10 billion in capital, granting the flexibility to invest in new initiatives and purchase expensive computing capabilities, including Nvidia chips, as the start-up continues to scale, said the company.

"This line of credit further strengthens our balance sheet and provides the flexibility to take advantage of future growth opportunities,” said Sarah Friar, OpenAI's chief financial officer.

Microsoft, the largest backer of the start-up, and new investor Nvidia joined the financing in the form of convertible notes.

The news comes a day after the start-up announced it completed a $6.6 billion funding round, securing its position as the world's most valuable private company.

On Wednesday, the start-up announced it had secured new funding via venture capital, based on a valuation of over £150 billion. Investors supporting the round included Thrive Capital and Khosla Ventures. OpenAI is on track to generate revenues of $3.6 billion this year, although losses will rise to more than $5 billion. Sources familiar with the figures told Reuters that revenue is expected to rise to $11.6 billion next year.

The news agency said last month that OpenAI is offering New York City based Thrive Capital an exclusive incentive that could see the firm invest a further $1 billion in 2025 at the same valuation if it meets a revenue target.

Earlier this month, the AI start-up announced the $6.5 billion financing round will come in the form of convertible notes with the ChatGPT maker having to remove a profit cap for investors to keep the firm’s value at its current $150 billion.

The start-up recently announced changes to its executive team, with chief technology officer Chief Murati declaring his sudden departure earlier this month.

Earlier this week, OpenAI unveiled a set of new tools designed to simplify the creation of applications based on its artificial intelligence technology.

The start-up announced the development of a new real-time tool aimed at assisting developers in creating speech-based AI applications using a single set of instructions.

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