OpenAI has offered employees the chance to sell up to $1.5 billion worth of shares through a tender offer led by Japanese conglomerate SoftBank, reports CNBC, citing insider sources.

Deal Highlights

The transaction will allow SoftBank to significantly increase its stake in OpenAI while enabling current and former employees to cash out their shares. Employees have until December 24 to decide whether to participate in the tender offer.

The initiative was spearheaded by Masayoshi Son, founder and CEO of SoftBank, who pushed to acquire more OpenAI shares following the company’s recent fundraising round. During this round, Sam Altman’s company raised $6.6 billion at a valuation of $157 billion.

Terms of the Tender Offer

Employees will be able to sell their shares at $210 each, reflecting the company’s latest valuation. OpenAI reportedly plans to offer more secondary share sales in the future, according to CNBC.

The tender offer is not tied to OpenAI’s potential restructuring plans, which have been the subject of speculation in recent months.

SoftBank’s Vision

In June, Masayoshi Son predicted the emergence of “artificial superintelligence” within the next decade. He stated that SoftBank’s mission is to drive humanity’s progress toward creating this transformative technology.

Context

OpenAI, the company behind the widely popular ChatGPT, continues to attract significant interest from global investors and users alike. Its valuation has made it one of the most valuable AI ventures in the world.

Note: In October, OpenAI solidified its position as a leading AI company, completing a record-breaking fundraising round.