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Investing.com-- OpenAI is preparing to expand a planned secondary share sale, potentially allowing current and former employees to sell as much as $8 billion of stock at a valuation of $500 billion, The Information reported on Tuesday, citing people familiar with the matter.
The ChatGPT maker had already outlined a $6 billion tender offer, but the larger size would make it one of the biggest employee share sales in Silicon Valley’s history. The final amount will depend on how much stock workers and alumni opt to sell, the report said.
SoftBank has committed at least $1 billion to the sale, while other investors including Thrive Capital, T. Rowe Price and Dragoneer have discussed investing hundreds of millions, according to the report.
OpenAI has previously enabled $3 billion in employee and stakeholder stock sales since 2021, at valuations as high as $150 billion.
The move comes as the Microsoft (NASDAQ:MSFT)-backed company raises over $40 billion separately at a $260 billion valuation, underscoring investor appetite for artificial intelligence startups amid surging revenue growth.