OpenAI said on Monday it would raise up to $40 billion in a new funding round led by SoftBank Group at a $300 billion valuation to advance AI research, expand computational infrastructure and enhance its tools.

The company at the heart of the artificial-intelligence revolution, OpenAI, just raised money at a $300 billion valuation, as the publicly traded AI stocks advanced on Tuesday.

The Japanese investment firm is entwining its fortunes with a company that expects to lose billions of dollars for years to come, in the hope that it will emerge as the leader in the AI race.