OpenAI valued at $500B after secondary share sale

OpenAI reached a $500 billion valuation after current and former employees sold roughly $6.6 billion worth of shares to a group of investors, a person familiar with the transaction said, marking a sharp increase from an earlier $300 billion price tag. The secondary share sale, completed this month, involved investors including Thrive Capital, SoftBank, Dragoneer Investment Group, Abu Dhabi's MGX and T. Rowe Price, the person said. The company had authorized more than $10 billion of secondary sales, according to the same source.

The share sale coincides with financial disclosures to shareholders showing OpenAI pulled in about $4.3 billion in revenue in the first half of 2025, roughly 16 percent more than the company generated in all of 2024. Those disclosures indicate research and development spending of about $6.7 billion in the first half and a net cash burn of approximately $2.5 billion over the period, driven largely by R&D and the costs of operating its flagship ChatGPT services. OpenAI held roughly $17.5 billion in cash and securities at the end of the period and is targeting full-year revenue of $13 billion and a cash burn of $8.5 billion.