Overview

• Current and former employees sold roughly $6.6 billion of stock to a consortium that included Thrive Capital, SoftBank, Dragoneer, MGX and T. Rowe Price.
• OpenAI had cleared up to $10.3 billion for the secondary, with about two-thirds of the authorized allotment ultimately sold.
• The deal implies a $500 billion valuation that places OpenAI ahead of SpaceX as the most valuable privately held startup.
• The company and sources describe the sale as employee liquidity aimed at helping retain top researchers during fierce hiring competition, including nine‑figure offers reported at Meta.
• OpenAI generated about $4.3 billion in revenue in the first half of 2025, and this marks its second major tender in under a year.