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Home»Business»OpenAI, at boosted valuation, in talks to sell existing shares to investors, sources say
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OpenAI, at boosted valuation, in talks to sell existing shares to investors, sources say

September 27, 2023No Comments3 Mins Read
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Sept 26 (Reuters) – OpenAI, the artificial intelligence startup behind ChatGPT, is talking to investors about a possible sale of existing shares at a much higher valuation from a few months ago, according to two sources familiar with the matter.

The proposed deal could value Microsoft-backed (MSFT.O) OpenAI at between $80 billion to $90 billion, according to the Wall Street Journal, which first reported on the potential share sale. It would make OpenAI one of the world’s most valuable private companies, at a time of surging enthusiasm for AI startups after the launch of ChatGPT last year.

ChatGPT, a chatbot that can generate human-like responses based on user prompts, has helped AI’s popularity erupt. The AI space has been hailed as the next frontier for technology and has become the latest buzzword in Silicon Valley.

If finalized, the deal would be the second major secondary share sale by the high-profile San Francisco-based startup, marking a meteoric rise in valuation. Earlier this year, it made a $300 million share sale at a valuation of $30 billion.

A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights

SpaceX and other mature startups have done regular private share sales without going public, allowing employees and existing investors to cash in on the rising value of their equity in the company. In a sale of existing shares, no new capital is raised for the company.

OpenAI raised $10 billion in primary funding from Microsoft this year, which it uses to develop new products and fund AI model training.

See also  'He's Just Going to Sell More Records'

Several other startups such as Inflection and Anthropic have raised funds from marquee investors in recent months.

OpenAI did not immediately respond to Reuters’ request for comment.

Reporting by Krystal Hu in San Francisco and Niket Nishant in Bengaluru; Editing by Shounak Dasgupta and David Gregorio

: .

Acquire Licensing Rights, opens new tab

Krystal reports on venture capital and startups for Reuters. She covers Silicon Valley and beyond through the lens of money and characters, with a focus on growth-stage startups, tech investments and AI. She has previously covered M&A for Reuters, breaking stories on Trump’s SPAC and Elon Musk’s Twitter financing. Previously, she reported on Amazon for Yahoo Finance, and her investigation of the company’s retail practice was cited by lawmakers in Congress. Krystal started a career in journalism by writing about tech and politics in China. She has a master’s degree from New York University, and enjoys a scoop of Matcha ice cream as much as getting a scoop at work.

Niket Nishant reports on breaking news and the quarterly earnings of Wall Street’s largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.

boosted existing investors OpenAI Sell shares sources talks Valuation
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