OpenAI deal to let employees sell shares values ChatGPT maker at $116 billion
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The tender offer makes OpenAI one of the most valuable start-ups in the world.
PHOTO: AFP
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San Francisco - OpenAI has completed a deal allowing employees to sell stakes in the company, according to a person familiar with the matter.
The tender offer values the artificial intelligence start-up at US$86 billion (S$116 billion), a price that makes OpenAI one of the most valuable start-ups in the world.
Bloomberg previously reported the value and that Thrive Capital, the venture capital firm led by Josh Kushner, would lead the deal.
OpenAI did not respond to requests for comment. Thrive Capital declined to comment. The New York Times earlier reported some details of the deal.
The share sale was previously set for 2023, but was delayed following the OpenAI board’s ouster of chief executive Sam Altman in November.
The company has since rehired Mr Altman and is in the process of appointing a new board of directors.
In addition to the tender offer, OpenAI has also discussed raising new funding that could put the company at the even loftier valuation of more than US$100 billion, Bloomberg previously reported.
At the same time, Mr Altman is working to raise billions of dollars
OpenAI’s rising value comes more than a year after the company dazzled audiences with the debut of the AI chatbot ChatGPT.
The launch touched off an AI frenzy in Silicon Valley, with tech giants, investors and start-ups racing to advance the technology.
OpenAI has so far been a leader, reaching agreements to bring in US$13 billion from Microsoft Corp. in addition to funding from other investors.
Last week, OpenAI unveiled Sora, a text-to-video generator
