(Bloomberg) — SoftBank Group Corp. aims to increase its stake in OpenAI by acquiring up to $1.5 billion in shares from the startup’s employees, according to people familiar with the matter.
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The Japanese company will make a tender offer for the stock, allowing OpenAI employees to cash in shares if they choose. SoftBank contributed $500 million to OpenAI’s $6.6 billion fundraising round in October, but had pushed for a larger allocation at the time, said one of the people, asking not to be named because the negotiations aren’t public.
SoftBank founder Masayoshi Son has vowed to step up investments in artificial intelligence as his Tokyo-based company regains its financial footing after years of missteps. OpenAI, which jumped out to early leadership in the field with its ChatGPT, was valued at $157 billion in the last fundraising.
It’s not yet clear how much stock SoftBank will be able to buy from OpenAI’s employees, who may choose to hold onto their shares if they forecast bright prospects ahead.
SoftBank and OpenAI didn’t respond to requests for comment outside of normal business hours.
The SoftBank tender offer is set to close this week, according to CNBC, which first reported the news.
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