Overview

• Current and former employees sold about $6.6 billion of shares to a consortium including Thrive Capital, SoftBank, Dragoneer Investment Group, MGX of Abu Dhabi and T. Rowe Price, according to reports.
• The implied valuation places OpenAI as the most valuable private company, surpassing SpaceX, which is valued around $400 billion.
• OpenAI had authorized more than $10 billion in secondary-market sales to facilitate employee liquidity, a person familiar with the process said.
• The company was valued near $300 billion earlier this year in a prior financing round, underscoring the sharp reset in its private-market price.
• Recent traction includes about $4.3 billion in first-half 2025 revenue reported by The Information and product launches such as GPT-5 and two open models, alongside intense talent competition and large infrastructure deals with Oracle and SK Hynix.