ChatGPT maker OpenAI reportedly reached a valuation of $80 billion or more after completing a business deal to raise more funds.
OpenAI Reaches $80 Billion in Value
According to New York Times and Reuters reports, the company has reportedly finalized a deal that values it at $80 billion or more.
Under the deal, OpenAI would sell existing shares in a so-called tender offer led by venture firm Thrive Capital, and employees were allowed to cash out their company's shares rather than a traditional funding round that would raise money for the business.
This is not the first time that OpenAI has engaged in such a deal. A similar arrangement was made early last year when venture capital firms, including Thrive Capital, Sequoia Capital, Andreessen Horowitz, and K2 Global, bought OpenAI shares in a tender offer, valuing the company at approximately $29 billion.
OpenAI Unveils Sora
The development comes on the heels of OpenAI unveiling its latest creation, the Sora model, which is designed to generate short videos based on text inputs.
However, access to the model is currently limited to a select group of academics and researchers as OpenAI conducts thorough evaluations to mitigate potential misuse.
Sora promises to generate intricate scenes with multiple characters, dynamic motions, and detailed environments. The model interprets text prompts accurately and comprehends spatial relationships within the depicted scenarios.
Join the Conversation