New Deal Triples OpenAI Valuation to $80 Billion

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A new deal for Microsoft-backed OpenAI will value the firm at a whopping $80 billion or more, marking a threefold jump in the ChatGPT-maker’s valuation with ten months, The New York Times reported.

As per the deal, the artificial intelligence firm will sell its existing shares in a so-called tender offer led by venture firm Thrive Capital, NYT reported, citing people with knowledge of the matter. The deal will allow OpenAI’s staff to cash out their shares of the company, replacing a traditional funding-raising round, it added.

The deal comes at a time when OpenAI chief Sam Altman is seeking between $5-7 trillion for an AI chip venture in a bid to bolster global chipmaking capacity. The plan however, became a topic of ridicule at the World Government Summit in Dubai, garnering sharp criticism from Nvidia chief Jensen Huang. On Saturday, famed chip engineer Jim Keller also weighed in on Altman’s plan, saying “he can do it for less than $1 trillion.”

Read the full report: The New York Times

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]

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