After the deal, OpenAI will be valued at $80 billion

• After the stock was traded, markets valued the AI company at $80 billion or more.
• Employees will now be able to cash in their company shares instead of raising money for the business through traditional fundraising methods.

After the trade

The New York Times, citing three people familiar with the matter, reported on Friday that Microsoft-backed OpenAI has closed a deal that values the artificial intelligence company at $80 billion or more.

The company will sell its existing shares in a so-called tender offer led by venture Capital firm Thrive Capital, the report said. Under the agreement, employees will be able to cash in their shares in the company, rather than raising money for the business through traditional financing methods.
OpenAI did not immediately respond to a Reuters request for comment.

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Stock purchase

The company agreed to a similar deal early last year. Venture Capital firms Thrive Capital, Sequoia Capital, Andreessen Horowitz and K2 Global agreed to buy shares in OpenAI, valuing the company at about $29 billion.