OpenAI Boosts Secondary Sale To $10.3 Billion

OpenAI is expanding its secondary share sale to $10.3 billion, up from $6 billion, at a $500 billion valuation, CNBC reported. The artificial intelligence startup is offering eligible employees the chance to sell shares they have held for over two years, with the transaction expected to close in October. Investors in the deal include SoftBank, Dragoneer Investment Group, Thrive Capital, Abu Dhabi’s MGX and T. Rowe Price. The company, last valued at $300 billion earlier this year, joins other high-valued startups such as SpaceX, Stripe, and Databricks in using secondary sales to provide liquidity to employees. In November, OpenAI allowed employees to sell $1.5 billion in shares as part of a tender offer with SoftBank.