OpenAI becomes the world's most valuable startup. Photo: Bloomberg. |
OpenAI, the company behind ChatGPT, has completed a secondary share sale worth about $6.6 billion, according to people familiar with the matter. The deal brings the company's valuation to $500 billion, officially surpassing billionaire Elon Musk's SpaceX to become the world's most valuable startup.
OpenAI was previously valued at $300 billion in a $40 billion funding round led by SoftBank. The sharp increase in value shows the attractiveness of this AI company to investors, in the context that artificial intelligence continues to be the fastest growing field in the technology industry.
In this share sale, current and former OpenAI employees collected money from a group of investors including Thrive Capital, SoftBank, Dragoneer Investment Group, MGX (of Abu Dhabi) and T. Rowe Price, the source said.
Allowing employees to sell stock is not uncommon among large US startups. This is seen as a way to both motivate employees and retain them in the face of fierce competition in the industry. OpenAI also takes advantage of investor demand to increase its attractiveness to employees.
The total amount of shares sold in this round is lower than the $10 billion that the company authorized, according to the source, suggesting that many current and former employees still have faith in the long-term prospects of the business.
OpenAI is under pressure from the AI talent market. Facebook’s parent company, Meta, has been aggressively poaching researchers from OpenAI and other leading labs to join its “superintelligence” project. Some positions are even offered with salaries in the tens of millions of dollars per year.
In this context, the secondary share sale can be seen as a strategic tool for OpenAI to maintain its core staff. Allowing employees to directly benefit from the company's growth not only strengthens trust but also helps OpenAI limit the "brain drain" when competitors are willing to offer huge incentives.
Source: https://znews.vn/vuot-spacex-openai-tro-thanh-startup-gia-tri-nhat-the-gioi-post1590137.html
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