OpenAI Completes $7B Employee Tender Offer at $852B Valuation

OpenAI has completed a $7 billion employee tender offer, buying back shares from its workforce to provide liquidity. The deal, reported by Bloomberg, values the privately held AI lab at $852 billion, matching its March fundraising round that added $122 billion. The company filed confidentially with the SEC in June for a potential IPO later this year, but the tender suggests an IPO may be delayed. Private tenders have become common as tech companies stay private longer, allowing employees to cash in stock compensation without going public. OpenAI did not respond to comment. CEO Sam Altman recently acknowledged a challenging year but expressed optimism for the next 12 months. The Wall Street Journal reported in April that OpenAI missed internal financial goals. The tender could signal that the anticipated IPO will wait for OpenAI's new strategy of focusing on enterprise business to gain traction. Rival Anthropic, reportedly profitable earlier this year, adds pressure for OpenAI to present strong results.