(Reuters) -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.
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The company would sell existing shares in a so-called tender offer led by venture firm Thrive Capital, the report said.
Under the deal, employees will be able to cash out their shares of the company rather than a traditional funding round which would raise money for the business, the report added.
OpenAI did not immediately respond to a Reuters request for comment.
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It agreed to a similar deal early last year. The venture-capital firms Thrive Capital, Sequoia Capital, Andreessen Horowitz and K2 Global agreed to buy OpenAI shares in a tender offer, valuing the company at around $29 billion, the report said.
The launch of OpenAI’s ChatGPT in late 2022 has kicked off buzz around AI, prompting companies to explore ways to harness the power of the technology.
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OpenAI CEO Sam Altman has also been reportedly in talks to raise funds for a chip venture as he looks to boost the world’s chip building capacity to drive new AI-related tools.
