OpenAI completed a $7B employee tender offer at $852B valuation

OpenAI reportedly completed a $7 billion employee tender offer

OpenAI bought back $7B in employee shares at the same $852B valuation from its March funding round. The tender lets staff cash out while the IPO timeline stays uncertain—the company filed confidentially in June but may wait to show stronger enterprise traction. Sam Altman recently admitted the past year wasn't great, and Anthropic is already profitable, so OpenAI likely wants to put its best face forward before going public.

Why it matters: OpenAI closed a $7B employee tender at a flat $852B valuation while having confidentially filed for IPO in June. Altman admitted the past year wasn't their best — the tender itself suggests the IPO isn't imminent. Enough substance for featured, but it's a financial move, not a...