이미지: METAL LAB 생성
Summary
- OpenAI has completed an employee stock buyback worth roughly $7 billion, applying an $852 billion valuation
- The purchase was reportedly prepared following the $122 billion funding round in March, aimed at giving employees liquidity while a public listing remains delayed
- A similar sale worth $6.6 billion also took place in October 2025, when about 75 people each cashed out up to $30 million
- 이번 매입 규모
- 약 70억달러
- 적용 밸류에이션
- 8520억달러
- 재원 마련 시점
- 3월 1220억달러 펀딩라운드 이후
- 이전 매각(2025년 10월)
- 66억달러 규모
- 이전 매각 참여 인원
- 약 75명, 1인당 최대 3000만달러 현금화
- 출처
- 블룸버그 보도(더디코더 인용)
$7 Billion Flows Into Employees' Pockets
Another group of OpenAI employees has become wealthy overnight. The company has completed a stock buyback, or tender offer, worth roughly $7 billion. Current and former employees were able to sell their holdings based on OpenAI's current valuation of $852 billion — nearly the only avenue for employees at a private company to convert their equity into cash.
This buyback wasn't a sudden decision. It reportedly has been in preparation since the $122 billion funding round closed in March. The purpose is clear: to relieve the frustration of employees holding equity with nowhere to go as the IPO keeps getting pushed back.
A Second Sale, and a Bigger One
This isn't the first time OpenAI has bought back a large volume of employee shares. A similar sale worth $6.6 billion took place in October 2025. At the time, about 75 people reportedly participated, each cashing out up to $30 million. Ten months later, the company has scaled the deal up by $400 million.
| Sale Date | Size | Participation/Terms |
|---|---|---|
| October 2025 | $6.6 billion | ~75 people, up to $30 million each |
| August 2026 | $7 billion | Based on $852 billion valuation |
Placing the two sales side by side reveals a pattern. OpenAI is turning the practice of giving employees a chance to cash out into a routine, even without going public. And since the company's valuation keeps climbing, the valuation applied at each sale rises along with it.
Why This Approach Instead of an IPO
OpenAI has an unusual governance structure, having started as a nonprofit before layering a for-profit subsidiary on top. Under this structure, going public through a conventional IPO process, as an ordinary startup would, is complicated. On top of that, OpenAI is juggling both service operations and monetization — for instance, assigning free ChatGPT users a lower-performance model than GPT-5.6 Sol. Until that kind of restructuring is complete, an IPO is likely to keep being delayed.
The tender offer serves as a stopgap to bridge that gap. Under this structure, new investors are brought in to buy a portion of existing shareholders' stakes — no money leaves the company's coffers, and no new shares are issued. Even so, for employees, it remains one of the few channels to actually get cash in hand.
Ripple Effects Beyond Silicon Valley
The growing wealth of OpenAI employees is reportedly already affecting San Francisco's real estate market. Reports say that as salaries in the AI industry have surged, rents have spiked so sharply that even substantial high earners struggle to find suitable housing. Some wealthy families are reportedly sending their children to AI-focused private schools that charge up to $75,000 a year in tuition.
So What Changes
For OpenAI's current and former employees, another channel has opened to cash out their equity without waiting for an IPO. For the company, it helps retain talent while buying more time before it needs to rush into going public. Still, each round of liquidity like this also builds up tacit market acceptance of OpenAI's valuation. Whether the $852 billion figure translates into a comparable valuation at an eventual IPO will depend on the sales and funding rounds still to come.
