Microsoft-backed OpenAI has completed a deal that values the artificial intelligence company at $80 billion or more, The New York Times reported on Friday, citing people with knowledge of the deal.
The company will sell existing shares in a so-called tender offer led by venture capital firm Thrive Capital, the report said.
Under the deal, employees will be able to redeem their shares in the company instead of a regular financing program, which would raise money for the business, the report added.
OpenAI did not immediately respond to a Reuters request for comment.
Similar deal last year
Early last year he agreed to a similar deal. Venture capital firms Thrive Capital, Sequoia Capital, Andreessen Horowitz and K2 Global have agreed to buy shares of OpenAI in an offering, valuing the company at about $29 billion, the report said.
The launch of OpenAI’s ChatGPT in late 2022 ignited the AI buzz, prompting companies to explore ways to harness the power of the technology.
OpenAI CEO Sam Altman is also reportedly in discussions to raise capital for a chipmaking venture as he seeks to boost the world’s chipmaking capacity to push new AI-related tools.