Sam Altman, chief executive officer of OpenAI Inc., during a media tour of the Stargate AI data center in Abilene, Texas, US, on Tuesday, Sept. 23, 2025.
Kyle Grillot | Bloomberg | Getty Images
OpenAI has successfully concluded a secondary share sale, totaling $6.6 billion, allowing current and former employees to liquidate equity at a valuation of $500 billion, a record for the artificial intelligence powerhouse, according to sources familiar with the matter.
Bloomberg initially reported the closing of the transaction.
In August, reports indicated OpenAI’s intentions to conduct a secondary share sale, targeting a $500 billion valuation. Investors participating included Thrive Capital, SoftBank, Dragoneer Investment Group, Abu Dhabi’s MGX, and T. Rowe Price.
While OpenAI had authorized the sale of up to $10.3 billion in shares, exceeding the initial $6 billion target, only approximately two-thirds of that allocation ultimately changed hands.
Sources privy to internal discussions suggest that this lower-than-anticipated participation is being interpreted positively within OpenAI. Executives believe it signals confidence in the company’s long-term trajectory and sustained investor enthusiasm, even at the premium $500 billion valuation – a significant increase from the $300 billion valuation earlier in the year. This robust valuation underscores the market’s bullish outlook on OpenAI’s potential to maintain its leadership position in the rapidly evolving AI landscape.
The offer, extended to eligible current and former employees, stipulated that participants must have held shares for a minimum of two years.
This share sale represents OpenAI’s second major tender offer within a year, following a $1.5 billion deal with SoftBank in November of the previous year. Such secondary sales provide employees with a valuable liquidity option, particularly in the absence of an imminent IPO.
The transaction solidifies OpenAI’s position as the world’s most valuable privately held company, surpassing SpaceX’s valuation of $456 billion. This achievement further fuels speculation regarding the timing and potential impact of a future OpenAI IPO on the broader technology market.
This sale occurs amidst heightened competition for AI talent. Meta has reportedly extended nine-figure compensation packages in efforts to attract leading researchers. The talent war highlights the strategic importance of securing and retaining top-tier AI expertise.
OpenAI, along with SpaceX, Stripe, and Databricks, represents a growing trend of high-profile startups utilizing secondary sales as a mechanism for employee liquidity while preserving their private status. This strategy is considered crucial for employee retention and incentivizing long-term commitment without the complexities and regulatory constraints associated with an initial public offering. The success of this approach could influence other late-stage private companies considering alternative paths to providing employee equity value.
