OpenAI has completed a secondary share sale worth about $6.6 billion, giving the ChatGPT creator a record valuation of $500 billion, Bloomberg reported on Thursday, citing sources close to the deal.
The transaction makes OpenAI the world’s most valuable startup, overtaking Elon Musk’s SpaceX, which was recently valued at around $400 billion.
Previously, OpenAI was valued at $300 billion after a $40 billion funding round led by Japan’s SoftBank Group (TYO:9984), according to Bloomberg.
In the latest deal, current and former OpenAI employees sold stock to investors. Buyers included Thrive Capital, SoftBank, Dragoneer Investment Group, Abu Dhabi’s MGX, and T. Rowe Price, the report said.
Secondary share sales are often used by U.S. startups to give employees liquidity and to help retain top talent. However, the $6.6 billion deal was smaller than the $10 billion-plus in stock originally offered. Bloomberg noted that many employees held onto their shares, reflecting confidence in OpenAI’s long-term growth prospects.
