The secondary round drew commitments from SoftBank (at least $1 billion), Thrive Capital, T. Rowe Price, Dragoneer, and Abu Dhabi's MGX. Secondary trading platforms including Forge, Hiive, and UpMarket subsequently listed pre-IPO shares at $608–$715 per share, reflecting post-sale valuations between $840 billion and $852 billion. The transaction aligns with OpenAI's restructuring efforts ahead of a potential public offering.
The sale resolves a two-year lockup period that had constrained employee liquidity since prior funding rounds. OpenAI has raised over $178 billion in total funding since ChatGPT's 2022 launch, with recent rounds led by SoftBank and Thrive Capital. The company is reportedly targeting an IPO in late 2026 or 2027 at a potential $1 trillion valuation. Attorneys should monitor the company's public filing timeline and any regulatory scrutiny of the secondary market pricing, which may signal valuation expectations ahead of a formal registration statement.