OpenAI has reportedly completed a $7 billion employee tender offer, providing liquidity to employees at the privately held AI lab. The deal, reported by Bloomberg, valued the company at $852 billion—the same as its most recent fundraising round in March, which added $122 billion to the company's reserves.
The company also filed confidentially with the Securities and Exchange Commission in June to prepare for a potential IPO later this year. However, the tender offer suggests an IPO may not be forthcoming soon, as private tenders have become a useful way for companies to allow employees to realize the value of their stock compensation without the difficulties of going public.
OpenAI CEO Sam Altman recently wrote that the company did not have its best 12 months, calling it "mostly my fault," but added that they are "about to have our best 12 months to date." The Wall Street Journal reported in April that the company missed internal financial goals, while rival Anthropic reportedly turned profitable earlier this year.