Microsoft-backed, opens new tab OpenAI has completed a deal that values the artificial intelligence company at $80 billion or more, the New York Times reported on Friday, citing people with knowledge of the deal.
The company would sell existing shares in a so-called tender offer led by venture firm Thrive Capital, the report, opens new tab said.
Under the deal, employees will be able to cash out their shares of the company rather than a traditional funding round which would raise money for the business, the report added.
A relatively small player in space by number of launches, Japan is seeking to revitalise its programme as it partners with ally the United States to counter China.
The H3 lifted off at 9:22 a.m. local time (0022 GMT) and after it successfully released a small satellite, jubilant scientists at the Tanegashima Space Center in southern Japan clapped, yelled and hugged each other.
The rocket also released a microsatellite and a dummy satellite during its flight of nearly two hours.
OpenAI did not immediately respond to a Reuters request for comment.
It agreed to a similar deal early last year. The venture-capital firms Thrive Capital, Sequoia Capital, Andreessen Horowitz and K2 Global agreed to buy OpenAI shares in a tender offer, valuing the company at around $29 billion, the report said.
The launch of OpenAI's ChatGPT in late 2022 has kicked off buzz around AI, prompting companies to explore ways to harness the power of the technology.
OpenAI CEO Sam Altman has also been reportedly in talks to raise funds for a chip venture as he looks to boost the world's chip building capacity to drive new AI-related tools.
OpenAI valued at $80 billion after deal, NYT reports
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Publisted at 2:40 PM, Sat Feb 17th, 2024