OpenAI Completes $7 Billion Tender Offer at $852 Billion Valuation

OpenAI has completed a roughly $7 billion tender offer that lets current and former employees cash out shares at a company valuation of $852 billion, according to reports. The buyback, funded by OpenAI rather than outside investors, is intended to give staff liquidity while the company prepares for a possible public listing. The deal matters because it keeps the startup’s valuation unchanged from its latest funding round and signals that an IPO may not be imminent.