OpenAI has surpassed SpaceX to become the world's largest startup after the ChatGPT owner struck a deal that helped employees sell company shares at a valuation of $500 billion, UNN reports with reference to Bloomberg.
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According to a source familiar with the situation, current and former OpenAI employees were able to sell shares to a circle of investors, including Thrive Capital, SoftBank Group Corp., Dragoneer Investment Group, Abu Dhabi's MGX, and T. Rowe Price, for approximately $6.6 billion.
The deal elevates OpenAI above SpaceX's estimated value of $400 billion and coincides with a turning point for Sam Altman's company, which is negotiating with Microsoft to transform into a more traditional commercial company, the publication writes.
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The frenzied optimism about AI, as stated, has given new impetus to the booming growth that is pushing tech stocks to historical highs. Shares of global chipmakers have surged as investors rushed to invest in the sector after OpenAI's new incredibly high valuation. The company's supply deal with a group of South Korean chipmakers and reports that Intel is in talks to bring Advanced Micro Devices on board as a client have only fueled the optimism, the publication indicates.
According to Bloomberg, this optimistic sentiment led to an increase in the combined market capitalization of the Philadelphia Stock Exchange Semiconductor Index and an index tracking Asian chip companies by just over $200 billion in the last session. Shares of Korean chipmakers showed one of the leading gains on Thursday, pushing the Kospi index to a record high.