OpenAI is expanding its latest secondary share sale, allowing current and former employees to sell up to $10.3 billion worth of stock. The transaction values the artificial intelligence company at $500 billion, reinforcing its position as one of the most highly valued private startups globally. The expanded sale, up from the $6 billion originally targeted, provides employees an opportunity to realize gains without forcing the company into a near-term public listing.
For staff who have held shares for more than two years, the window to participate runs through the end of September, with the transaction expected to close in October. Major institutional investors including SoftBank, Dragoneer Investment Group, Thrive Capital, Abu Dhabi’s MGX, and T. Rowe Price are expected to purchase the shares, according to people familiar with the offering.
The offering follows a sharp rise in OpenAI’s valuation. Earlier in 2025, the company raised capital at a $300 billion valuation. The new $500 billion figure reflects investor confidence in OpenAI’s revenue growth trajectory, driven by enterprise adoption of its AI models and partnerships with major cloud providers.
The $200 billion valuation jump in less than a year highlights both market enthusiasm for AI and the scarcity of opportunities to invest directly in sector leaders. With OpenAI remaining private, secondary sales represent one of the few avenues for institutional investors to gain exposure at scale.
Secondary share sales have become a preferred mechanism for late-stage startups to provide liquidity to employees while avoiding the volatility of public markets. By giving staff the ability to convert equity into cash, companies like OpenAI can retain talent in an increasingly competitive industry.
Other major startups, including SpaceX, Stripe, and Databricks, have employed similar strategies to balance growth with employee satisfaction. For investors, these transactions provide a controlled entry point into companies with high valuations, while founders and leadership avoid the pressure of quarterly earnings scrutiny.
For outside investors, OpenAI’s decision underscores the strength of demand for exposure to artificial intelligence platforms. With public-market alternatives limited to large tech incumbents, institutional capital continues to flow into private leaders despite lofty valuations.
Still, some analysts caution that these valuations hinge on sustained revenue expansion and market share gains in a sector that is evolving rapidly. For now, OpenAI’s positioning at the forefront of generative AI makes it one of the most closely watched private companies in the world.