OpenAI is in talks for a secondary share sale that could let current and former employees sell about US$6 billion in stock.

The deal would value the company at around US$500 billion.

Investors reportedly include SoftBank, Dragoneer Investment Group, and Thrive Capital, with Thrive possibly leading the round.

Negotiations are still in early stages, and terms could change.

OpenAI’s valuation has surged since launching ChatGPT in late 2022.

The company announced US$8.3 billion in new funding earlier this month, tied to a US$40 billion funding round from March at a US$300 billion valuation.

🔗 Source: CNBC

🧠 Food for thought

1️⃣ AI funding shows winner-takes-most dynamics as market matures

OpenAI’s dominance extends far beyond its products to capturing the majority of available AI investment capital.

In 2025, the company secured $40 billion of the total $56 billion raised by US AI startups, representing over 70% of all AI startup funding1.

This concentration reflects how investors are increasingly focusing on established AI leaders rather than spreading investments across multiple emerging players.

The pattern suggests the AI market is consolidating around a few dominant companies, similar to how earlier technology waves like social media and cloud computing eventually concentrated around major winners.

While the overall AI funding landscape reached a record $95 billion in 2024 across 5,084 deals, OpenAI’s ability to capture such a disproportionate share indicates that scale and proven traction have become critical factors for securing large investments2.

2️⃣ Secondary sales provide employee liquidity as tech companies delay IPOs

The $6 billion secondary sale represents a growing trend where high-value private companies create liquidity for employees without going public.

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