The artificial intelligence company, OpenAI, has completed a deal valuing it at $80 billion or more, marking a nearly triple increase in its valuation within 10 months, as reported by The New York Times.

The deal, led by venture firm Thrive Capital, involves selling existing shares in a tender offer, allowing employees to cash out their shares. OpenAI, specializing in generative AI, ranks among the world’s most valuable tech start-ups, following ByteDance and SpaceX.

This financial boost comes amid a critical period for OpenAI, offering confidence after a tumultuous year. In November, CEO Sam Altman was briefly ousted, causing internal turmoil and raising uncertainty about the company’s future. 

Altman was later reinstated, and a law firm is reviewing last year’s events. OpenAI’s latest deal mirrors a similar one last year, where the company was valued at $29 billion. 

Investors attracted to A.I. ventures, have been pouring funds into the sector. Microsoft invested $13 billion in OpenAI last January, reflecting the industry’s ongoing growth, with rival companies securing  $6 billion in funding from major players like Google and Amazon.

OpenAI’s rapid valuation increase reflects growing investor confidence in AI ventures despite internal challenges, showcasing the sector’s continued allure amidst significant financial backing from industry giants.

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