OpenAI runs $1.5B employee tender at $157B valuation

What was reported

OpenAI is running an employee tender offer at $210 per share, implying a $157B valuation. The reported sizing is approximately $1.5B.

Notes

OpenAI’s corporate structure includes a non-profit parent and a capped-profit subsidiary. The mechanics of tender offers involving its capped-profit units differ from a standard private-company common-stock tender.