OpenAI is reportedly in advanced discussions with private equity firms including TPG, Advent International, Bain Capital, and Brookfield Asset Management to create a joint venture focused on distributing its enterprise AI products. Sources indicate the proposed venture carries a pre-money valuation of around $10 billion.
Under the plan, the firms would collectively invest about $4 billion in exchange for equity stakes and influence over how OpenAI’s technology is deployed across their portfolio companies. TPG is expected to act as the anchor investor, contributing the largest share, while the other firms would join as co-founding investors. All partners are likely to secure board seats, although the deal is not yet finalised.
The initiative aims to accelerate enterprise adoption of OpenAI’s tools while helping private equity firms support companies facing disruption from AI technologies. It would also provide early access to OpenAI’s enterprise offerings and allow investors to benefit as adoption expands beyond their portfolios.
At the same time, Anthropic is also in talks with private equity firms such as Blackstone, Permira, and Hellman & Friedman to launch a similar venture for its Claude AI technology. This proposed deal could involve an equity stake of about $1 billion, though discussions are ongoing.
Sources noted that OpenAI is offering “preferred equity” in its venture, giving investors priority returns and lower downside risk, while Anthropic is offering common equity without such protections.
The discussions come as AI continues to reshape private equity strategies. Rapid advancements have impacted software valuations and raised concerns about long-term business models vulnerable to automation.
In the enterprise AI space, Anthropic is currently seen as leading in corporate adoption. OpenAI’s enterprise business generated $10 billion out of a total annualised revenue of $25 billion as of last month.
The potential deal may also support the expansion of OpenAI’s Frontier platform, launched recently under its Frontier Alliances program. The initiative connects OpenAI engineers with consulting firms such as BCG, McKinsey, Accenture, and Capgemini to help businesses integrate AI into core operations.
“As demand for AI continues to skyrocket, we want to help our customers deploy these technologies in all the ways that help them create impact,” said Fidji Simo.
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