OpenAI's Valuation Soars to $500 Billion in Secondary Share Sale
Microsoft-backed OpenAI has reached a new milestone. The company has completed a secondary share sale, pushing its valuation to a staggering $500 billion. This makes it one of the world's most valuable private startups, comparable to tech giants like YouTube and Instagram.
OpenAI's rapid growth is attracting significant investor interest. Besides Microsoft, which has invested around $13 billion including $1 billion in 2019 and more in early 2023, other major investors are not prominently mentioned. This is due to OpenAI's restructuring into a for-profit company to attract more equity investors. The high valuation has led to an increase in 'hectocorns', startups valued at over $100 billion.
OpenAI's valuation has soared by over 200% in just one year. This impressive growth has placed the company's worth above SpaceX, the aerospace company run by Tesla CEO Elon Musk.
OpenAI's secondary share sale has valued the company at $500 billion, making it one of the world's most valuable private startups. The high valuation reflects the growing interest in AI startups and OpenAI's significant progress in the field.
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