London, 20 August 2025 – OpenAI, the San Francisco-based company behind ChatGPT, is in talks to allow current and former employees to sell up to $6 billion worth of shares in a secondary transaction. The deal would value the firm at nearly $500 billion, setting a new benchmark for late-stage private technology companies.
Crossing the $500 billion threshold would make OpenAI the world’s most valuable privately held company, surpassing SpaceX’s recent valuations in the $350–$400 billion range. It also highlights the accelerating flow of capital into artificial intelligence, as peers such as Databricks pursue valuations above $100 billion.
The proposed transaction involves a secondary sale, meaning existing shares held by employees and early backers would change hands. It is not an IPO, and OpenAI will remain privately held. The talks are separate from a previously signalled primary funding round, also linked to SoftBank, that has been discussed at a $300 billion valuation.
The prospective buyers include SoftBank, Thrive Capital, and Dragoneer, according to people familiar with the negotiations. The participation of these large-scale investors underscores the demand for access to OpenAI’s growth, even outside the context of a public listing.
Chief executive Sam Altman has consistently indicated that an initial public offering is not a priority. The company’s focus remains on expanding infrastructure and advancing the capabilities of its AI models, rather than preparing for a listing.
At the same time, Altman has cautioned against overexuberance in the sector, drawing parallels to the dot-com era. OpenAI is not yet profitable, and heavy infrastructure costs continue to offset its rapid revenue growth. Recent research has also shown that most organisations adopting generative AI have yet to see measurable returns, fuelling debate over the sustainability of current valuations.
The outcome of the proposed share sale will be closely watched by investors and the technology sector alike. A valuation near $500 billion would represent a historic milestone for a private technology company and reinforce OpenAI’s position at the centre of the AI economy. Yet it also comes at a time of heightened scrutiny, as markets weigh enthusiasm for generative AI against questions of profitability and long-term adoption.
OpenAI is not listed on any public exchange, and there is no ticker symbol for investors to track. While some private platforms handle limited secondary trades for accredited buyers, the most accessible public-market proxy remains Microsoft, which has committed billions of dollars to its long-term partnership with OpenAI.
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