Open AI, with backing from Microsoft, has recently finalized a deal valued at $80 billion or more, according to insider information reported by the New York Times on February 16. The agreement involves the sale of existing shares in a tender offer led by venture firm Thrive Capital, allowing employees to cash out their shares instead of pursuing traditional funding methods.
This move follows a similar deal last year, where venture capital firms Thrive Capital, Sequoia Capital, Andreessen Horowitz, and K2 Global purchased Open AI shares in a tender offer, placing the company’s value at approximately $29 billion.
Open AI’s CEO, Sam Altman, is reportedly engaged in discussions to secure funds for a chip venture, aiming to bolster global chip-building capacity and advance new AI-related tools. Open AI’s introduction of Chat GPT in late 2022 has sparked increased interest in AI, prompting various companies to explore ways to leverage this transformative technology. As of now, Open AI has not responded to a Reuters request for comment.