Thrive Capital is investing more than $1 billion of OpenAI's current $6.
Thrive Capital is investing more than $1 billion of OpenAI's current $6.5 billion fundraising round, and it has a sweetener no other investors are getting: the potential to invest another $1 billion next year at the same valuation if the AI firm hits a revenue goal, people familiar with the matter said on Friday.
The current funding round, which comes in the form of convertible debt, is expected to close by the end of next week and could value OpenAI at $150 billion, cementing its status as one of the most valuable private companies in the world. Thrive Capital, which also led OpenAI's previous funding round, is offering $1.2 billion from a combination of its own fund and a special purpose vehicle for smaller investors. Other investors on the new round include Microsoft, Apple, Nvidia and Khosla Ventures.
Reuters was not able to determine the revenue target associated with the option for Thrive, which was founded by Joshua Kushner.OpenAI's revenue expectations far exceed CEO Sam Altman's earlier projection of $1 billion in revenue this year. The main revenue sources are sales of its services to corporations and subscriptions to its chatbot.
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