OpenAI has reportedly completed a $7B tender offer to buy shares from employees, providing liquidity to its workforce while keeping the privately held AI company’s valuation at $852B.
Bloomberg reported that the deal matched OpenAI’s valuation in its most recent fundraising round in March, which added $122B to the company’s war chest.
OpenAI also filed confidentially with the US Securities and Exchange Commission in June to prepare for a potential IPO later this year. However, the tender offer could indicate that a public listing is not imminent, as private share sales allow employees to access the value of their equity without the demands of an IPO.
The company did not respond to a request for comment by publication time. The timing comes as OpenAI works to refine its strategy, including reducing the number of initiatives it is pursuing and placing greater focus on its enterprise business.
Source: TechCrunch
