OpenAI Workers to Sell $6B in Equity to Investors

The transaction would not involve issuing new shares but instead allow staffers to cash out equity they already hold. These so-called secondary sales have become increasingly common in the tech industry, especially for companies that have not yet gone public. They give early employees a way to turn paper wealth into real money, while also providing a window into how investors are valuing a business behind closed doors.

Reports indicate the talks are still early, and the exact size of the deal could change. But the fact that interest is this high shows just how much confidence investors are placing in OpenAI’s growth prospects. SoftBank’s participation is especially notable. The Japanese conglomerate is already leading a $40 billion primary funding round in OpenAI, one of the largest ever in the private market. Buying in again through this staff share sale would deepen its ties to the company at a time when it is pushing hard into artificial intelligence across its portfolio.

For OpenAI employees, the chance to sell is significant. Many joined when the company was still a small research lab, long before ChatGPT became a household name. Their equity has ballooned in value over the past two years as the company’s tools spread across classrooms, offices, and creative industries. Weekly active users of ChatGPT climbed from about 400 million at the start of the year to nearly 700 million by midsummer. Revenue has followed, doubling in the first seven months of the year, with the company now on pace for an annualized run rate between $12 billion and $20 billion.

The secondary sale also speaks to a broader strategy. By creating liquidity for its staff, OpenAI can ease pressure on compensation, making it easier to retain and recruit talent in a market where AI researchers are aggressively courted by rivals. Companies like Meta and Google have been offering large pay packages to lure talent, and OpenAI’s leadership has responded with both financial incentives and pathways to liquidity.

Investors will be watching how the valuation holds up. A $500 billion price tag would put OpenAI among the most valuable private tech companies in history, rivaling giants like ByteDance and SpaceX. That kind of figure comes with enormous expectations. The company will need to show it can keep growing at breakneck speed and eventually convert its popularity into long-term profits.

The size of the deal also raises questions about what comes next. Secondary sales are often seen as a precursor to an initial public offering, though there has been no confirmation that OpenAI plans to go public soon. For now, the company appears to be focused on raising capital privately and cementing its leadership in AI research and product development.

For SoftBank, the move would be another big bet in its long-running push to dominate the technology of the future. Founder Masayoshi Son has been vocal about his ambition to make SoftBank a central player in the AI economy. Investing billions more into OpenAI, whether through primary or secondary shares, fits neatly into that vision. Thrive Capital and Dragoneer, both seasoned venture investors, are also positioning themselves to benefit if OpenAI’s tools continue to reshape industries.

The deal, if finalized, would not just enrich OpenAI’s staff. It would also confirm that major investors see the company as a cornerstone of the next wave of computing. Whether OpenAI can meet those sky-high expectations remains to be seen. But the fact that employees may soon be able to turn some of their equity into cash is already a sign of how far the company has come in a short time.

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