OpenAI aims for a valuation of 500 billion USD! The second sale of employee shares has started, and GPT-5 will launch in August to accelerate the IPO process.

Artificial intelligence giant OpenAI is in early negotiations to conduct a secondary share sale to current and former employees at a valuation of $500 billion. Previously, the company completed an $8.3 billion financing round, reaching a valuation of $300 billion (with nearly 5 times oversubscription). This sale is expected to exceed last year's $1.5 billion, with existing investors like Thrive Capital vying for employee allocations. OpenAI's annual recurring revenue (ARR) has surged to $12 billion, with predictions to surpass $20 billion by 2025. CEO Altman confirmed that SoftBank has committed to investing $30 billion, while CFO Sara Frier stated that an IPO requires "market timing to mature"; Microsoft's $13 billion investment is propelling the listing process. ChatGPT's weekly active users are approaching 700 million, and GPT-5 is confirmed for release in August.

Sky-high Financing: 300 Billion Valuation Leap, Employee Stock Sale Aiming for 500 Billion

According to anonymous sources, OpenAI is in preliminary discussions about a secondary sale plan for employee shares, with a target valuation of up to $500 billion. The sale aims to allow employees to monetize their options, with the funds not going into the company's treasury. Previously, the company had just completed the second phase of a $40 billion financing led by SoftBank, raising $8.3 billion, with a valuation locked at $300 billion, and this round of financing received nearly 5 times oversubscription.

Existing investors, including Thrive Capital, are seeking to purchase employee allocation shares. The company has had preliminary contact with Brookfield Asset Management, JPMorgan, and Apollo Global Management, but no substantive commitments have been made yet. CEO Satnam confirmed that SoftBank has committed to invest $30 billion, of which $7.5 billion is already in place, and the remaining funds will be delivered by the end of the year.

Financing Strategy Upgrade: Private Equity Giants Enter the Arena, Single Investment Sets Record

According to informed sources, OpenAI is utilizing a mixed fundraising strategy, targeting both new and existing investors. San Francisco technology fund Dragoneer Investment Group has committed to invest $2 billion, reportedly the largest single investment by a single company in a startup. Other participants include TPG, Insight Partners, and Blackstone entering through high-net-worth client private equity funds.

The lineup of VCs participating in the last round of financing is impressive: Coatue Management, Founders Fund, D1 Capital, a16z, Sequoia Capital, Tiger Global, Fidelity Management, and others were present, but did not comment on this round of financing. Data agency Forge shows that OpenAI has raised a total of $61.9 billion through 11 rounds of financing.

Business Engine Roars: ARR Hits 20 Billion Annually, GPT-5 Launches in August

Since the launch of ChatGPT in 2022, OpenAI's annual recurring revenue has soared to $12 billion, with a forecast to exceed $20 billion by 2025. Its core product, ChatGPT, is approaching 700 million weekly active users, and the next-generation large model, GPT-5, is set to officially launch in August.

Analysts point out that the employee stock monetization plan coincides with the release of GPT-5, and that converting options into liquid cash will help retain core AI architects. The company also announced that it will leverage the new financing to expand its infrastructure in collaboration with Oracle.

IPO Countdown: Microsoft's Billion-Dollar Investment Paves the Way, CFO Emphasizes Market Timing

Massive financing is pushing OpenAI closer to the IPO threshold. The 2.77% stake held by SoftBank further solidifies the company's valuation and pre-IPO position. Analysts believe this round of financing is a "stepping stone" to the IPO, and its extraordinarily high valuation will set a new benchmark for the tech industry.

CFO Sara Frier admitted that Microsoft's $13 billion strategic investment has brought the IPO closer, but emphasized that going public requires meeting dual conditions: "It will only be advanced when the company is ready and the market environment is mature." She warned, "Even if everything is in place, if the market is not ready, it will still be a failure." Frier pointed out that public companies need to establish a sustainable business structure to maintain a balance of "predictability and market appetite."

Conclusion: OpenAI has launched a secondary sale of employee stock with a valuation of 500 billion, demonstrating its utmost confidence in the commercial prospects of GPT-5. Massive financing, explosive user growth, and top-tier venture capital have paved the red carpet for AI giants' IPOs. However, Frier's cautious remarks suggest that the capital market's ability to digest AI valuations will be a key variable for the eventual listing. The global tech community is holding its breath for this capital feast that could rewrite industry value benchmarks.