Overview

• Eligible current and former employees who have held shares for more than two years have until the end of September to opt in, with the transaction expected to close in October.
• SoftBank, Dragoneer Investment Group, Thrive Capital, Abu Dhabi’s MGX and T. Rowe Price are participating investors, according to CNBC.
• The offering grew from an earlier roughly $6 billion target and is being priced at an implied $500 billion valuation, up from a $300 billion mark set in a primary round earlier this year.
• OpenAI previously facilitated employee liquidity through a roughly $1.5 billion tender with SoftBank in November.
• Veteran VC Bill Gurley cautioned buyers about insider selling as the deal advanced, and the development follows recent comments from CEO Sam Altman suggesting AI may be in a bubble.