04 Oct 2025
OpenAI completed a secondary share sale that set the company's private valuation at $500 billion, making it the most valuable privately held company on Earth and surpassing SpaceX’s prior $456B mark. The tender allowed employees who’d held shares for at least two years to sell stock; buyers included Thrive Capital, SoftBank, and MGX. OpenAI had authorized up to $10.3B in available shares for the offering, but employees sold about $6.6B.
The jump in valuation follows rapid revenue growth: OpenAI generated roughly $4.3B in revenue in the first half of 2025, outpacing the entire year of 2024, and its valuation rose from $300B in March. Some employees reportedly declined to sell the full allotment of shares, a sign of optimism about future upside. The liquidity event gives employees cash to compete with rival pay packages while letting new investors buy into OpenAI’s ambitions.
Why it matters: the transaction cements OpenAI’s dominance among private AI companies, attracts more investor attention, and provides employee liquidity — yet insiders and observers suggest the company’s valuation could still have room to grow.
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