OpenAI reaches $500 billion valuation

OpenAI, the company behind ChatGPT, has reached a valuation of $500 billion, following a deal in which current and former employees sold shares worth approximately $6.6 billion.

This represents an increase from its current valuation of $300 billion, underscoring OpenAI's rapid gains in both users and revenue.

Reuters reported details of the share sale earlier in August.

As part of the deal, OpenAI employees sold shares to a consortium of investors including Thrive Capital, SoftBank, Dragoneer Investment Group, Abu Dhabi's MGX and T. Rowe Price, according to the source, who spoke on condition of anonymity because they were not authorized to speak to the media.

The company had authorized the sale of shares worth over $10 billion on the secondary market.