(Sharecast News) - Artificial intelligence giant OpenAI has completed a $6.6bn secondary share sale, allowing current and former employees to offload stock at a record $500bn valuation, according to reports.
While OpenAI had authorised up to $10.3bn in shares for sale, up from an initial $6bn target, only around two-thirds of that figure was ultimately transacted.

The deal marks OpenAI's second major tender offer in under a year, following a $1.5bn transaction with SoftBank last November, and cements its position as the world's most valuable privately held company, ahead of SpaceX's $456bn valuation.

CNBC reported back in August that OpenAI was looking to conduct a secondary share sale at a valuation of $500bn, with investors including Thrive Capital, SoftBank, Dragoneer Investment Group, Abu Dhabi's MGX, and T Rowe Price. Bloomberg initially reported that the deal had closed.





Reporting by Iain Gilbert at Sharecast.com

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