OpenAI reportedly raising at $80-90 billion valuation

OpenAI reportedly raising at $80-90 billion valuation

OpenAI is reportedly in talks about a potential share sale that could elevate its valuation from the current $29 billion to a range of $80 billion to $90 billion, as per sources cited by the Wall Street Journal.

The arrangement would allow staff to offload their existing shares instead of the company issuing new ones.

Earlier this year, OpenAI secured a funding round of just over $300 million, with key investors including Sequoia Capital and Andreessen Horowitz, valuing the firm at $29 billion. This was in addition to a significant investment from Microsoft, which closed in January and is rumoured to be around $10 billion.

OpenAI's ChatGPT, a generative AI tool that produces essays and summaries from text prompts, has gained significant traction since its launch nine months ago.

OpenAI, of which Microsoft owns a 49% stake, announced in late August that it anticipates hitting the $1 billion revenue mark in 2023.

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