According to the New York Times, Microsoft-backed OpenAI has finalized a deal that values the artificial intelligence company at $80 billion or more.
Sources familiar with the deal revealed that the company would sell existing shares in a tender offer led by venture firm Thrive Capital.
The report further states that under the terms of the deal, employees will have the opportunity to cash out their shares in the company, departing from the traditional route of raising funds through a funding round.
This agreement follows a similar deal struck early last year, where venture capital firms including Thrive Capital, Sequoia Capital, Andreessen Horowitz, and K2 Global purchased OpenAI shares in a tender offer, valuing the company at approximately $29 billion.
The introduction of OpenAI’s ChatGPT in late 2022 has generated significant interest in AI, prompting companies to explore various avenues to leverage this technology's capabilities.
Additionally, reports suggest that OpenAI CEO Sam Altman has been engaged in discussions to secure funding for a chip venture, aiming to enhance the global capacity for chip manufacturing to support the development of new AI-related tools.