"Reuters reported Thursday that the group of employees unloaded around $6.6 billion in shares in the deal, pushing OpenAI's valuation well north of its current valuation of $300 billion. During the secondary sale's open window, OpenAI shareholders offloaded their stock to an investor group that included SoftBank, Thrive Capital, T. Rowe Price, Dragoneer Investment Group, and Emirati state-owned AI investment firm MGX, according to a source who described the deal's details to Reuters."
"While $6.6 billion in shares changed hands during the secondary market sale, OpenAI reportedly authorized the sale of more than $10 billion in stock. The discrepancy suggests that plenty of shareholders are confident holding onto their shares and opted not to sell. CNBC and Bloomberg reported rumors of an upcoming sale in August, noting that the talks were then in early stages but an OpenAI secondary sale could value the company at $500 billion."
"OpenAI's trajectory has been uniquely stratospheric since it first launched ChatGPT in 2022 - just three years ago. In March, OpenAI raised a $40 billion round, led by Japanese investment firm SoftBank, which was joined by Microsoft, Altimeter, Coatue and Thrive Capital. In the six months since, the company has already tacked on an additional $200 billion to its valuation."
OpenAI's value reached $500 billion following a secondary sale of shares held by current and former employees. Approximately $6.6 billion in shares were sold to an investor group that included SoftBank, Thrive Capital, T. Rowe Price, Dragoneer Investment Group, and Emirati state-owned MGX. OpenAI had authorized more than $10 billion in secondary sales, though not all authorized shares were sold. The company previously raised $40 billion in March and added roughly $200 billion in valuation over six months. OpenAI plans to restructure into a public benefit corporation to formalize its for-profit orientation while maintaining broader commitments.
Read at Fast Company
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