OpenAI is facilitating a new tender offer allowing its employees to sell up to $1.5 billion worth of shares to Japan’s SoftBank Group.
The move comes as SoftBank’s CEO, Masayoshi Son, has shown continued interest in increasing the conglomerate’s stake in the rapidly growing AI startup. SoftBank had already invested in OpenAI during its latest funding round, which was the first to report the news.
In October, OpenAI raised $500 million from SoftBank as part of a $6.6 billion funding round, bringing the company’s valuation to $157 billion. This deal is a part of SoftBank’s broader strategy to deepen its investments in artificial intelligence, a sector it has increasingly targeted for growth.
Employees of OpenAI have until December 24 to decide if they wish to sell their shares in the new funding round. The share price offered in this tender offer aligns with the valuation from OpenAI’s most recent funding round, according to one source. The funds for this investment will be provided through SoftBank’s Vision Fund 2, another source added.
While the sources requested anonymity due to the sensitivity of the matter, neither SoftBank nor OpenAI commented on the transaction.
Masayoshi Son, who has made no secret of his ambition to expand SoftBank’s presence in the AI industry, has been focused on increasing the company’s exposure to cutting-edge technologies. In addition to his stake in OpenAI, SoftBank recently acquired a stake in chip startup Graphcore. Son has stated that he is “saving up funds” for “the next big move,” although he has not disclosed specific details regarding future investments.
OpenAI’s swift ascent, driven in large part by the success of its AI models like ChatGPT, has captured significant global attention. Since its launch, ChatGPT has attracted 250 million weekly active users, cementing OpenAI’s place at the forefront of the AI revolution.
Related topic:
